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Haitai Confectionery Q2 profit climbs YOY

Haitai Confectionery & Foods Co. Ltd. said its second-quarter normalized net income amounted to 581.00 South Korean won per share, an increase from 115.61 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 11.14 billion won, an increase from 2.77 billion won in the year-earlier period.

The normalized profit margin increased to 2.3% from 1.6% in the year-earlier period.

Total revenue grew 25.1% year over year to 217.16 billion won from 173.60 billion won, and total operating expenses grew 20.7% from the prior-year period to 196.39 billion won from 162.75 billion won.

Reported net income increased 16.2% from the prior-year period to 3.84 billion won, or 200.00 won per share, from 3.30 billion won, or 137.67 won per share.

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