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Pungkang Co. fiscal Q2 profit falls YOY

Pungkang Co. Ltd. said its normalized net income for the fiscal second quarter ended Feb. 28 was 39.49 South Korean won per share, a decrease of 55.8% from 89.25 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 378.6 million won, a decrease of 55.7% from 855.0 million won in the year-earlier period.

The normalized profit margin dropped to 1.7% from 3.7% in the year-earlier period.

Total revenue fell year over year to 22.15 billion won from 22.91 billion won, and total operating expenses decreased from the prior-year period to 21.84 billion won from 22.07 billion won.

Reported net income declined 47.8% on an annual basis to 679.7 million won, or 70.89 won per share, from 1.30 billion won, or 136.00 won per share.

As of April 29, US$1 was equivalent to 1,067.10 South Korean won.