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GNCO swings to profit in Q2

GNCO Co. Ltd. said its normalized net income for the second quarter came to 2.27 South Korean won per share, compared with a loss of 31.94 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 103.2 million won, compared with a loss of 1.43 billion won in the prior-year period.

The normalized profit margin rose to 1.7% from negative 4.7% in the year-earlier period.

Total revenue increased year over year to 31.03 billion won from 30.63 billion won, and total operating expenses declined from the prior-year period to 31.22 billion won from 31.72 billion won.

Reported net income totaled a loss of 59.5 million won, or a loss of 1.31 won per share, compared to a loss of 4.24 billion won, or a loss of 94.75 won per share, in the prior-year period.

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