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Yoosung Enterprise Q2 profit falls YOY

Yoosung Enterprise Co. Ltd. said its normalized net income for the second quarter amounted to 119.56 South Korean won per share, a decline of 53.1% from 254.77 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 3.07 billion won, a decrease of 55.5% from 6.89 billion won in the prior-year period.

The normalized profit margin dropped to 4.4% from 8.3% in the year-earlier period.

Total revenue declined 15.5% year over year to 70.12 billion won from 82.97 billion won, and total operating expenses fell 6.8% from the prior-year period to 70.28 billion won from 75.40 billion won.

Reported net income fell 81.8% from the prior-year period to 1.85 billion won, or 72.22 won per share, from 10.19 billion won, or 376.49 won per share.

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