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Pungguk Ethanol Industrial Q2 profit climbs 45.4% YOY

Pungguk Ethanol Industrial Co. Ltd. said its second-quarter normalized net income was 170.95 South Korean won per share, a gain of 45.5% from 117.48 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.15 billion won, a gain of 45.4% from 1.48 billion won in the prior-year period.

The normalized profit margin increased to 7.7% from 5.8% in the year-earlier period.

Total revenue climbed 9.8% on an annual basis to 28.00 billion won from 25.51 billion won, and total operating expenses climbed on an annual basis to 23.89 billion won from 22.89 billion won.

Reported net income rose 45.0% on an annual basis to 2.82 billion won, or 223.46 won per share, from 1.94 billion won, or 154.00 won per share.

As of Aug. 17, US$1 was equivalent to 1,183.06 South Korean won.