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Kolen Co. Q2 loss widens 23.1% YOY

Kolen Co. Ltd. said its second-quarter normalized net income amounted to a loss of 132.85 South Korean won per share, compared with a loss of 134.81 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 a loss of 1.29 billion won, compared with a loss of 1.05 billion won in the year-earlier period.

The normalized profit margin dropped to negative 6.1% from negative 4.5% in the year-earlier period.

Total revenue decreased 8.8% year over year to 21.12 billion won from 23.15 billion won, and total operating expenses decreased 6.4% from the prior-year period to 22.56 billion won from 24.12 billion won.

Reported net income came to a loss of 1.96 billion won, or a loss of 201.94 won per share, compared to a loss of 1.16 billion won, or a loss of 148.76 won per share, in the prior-year period.

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