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Seoyon Electronics Q2 profit falls YOY

Seoyon Electronics Co. Ltd. said its second-quarter normalized net income came to 98.03 South Korean won per share, a decrease of 26.8% from 133.86 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 2.63 billion won, a decrease of 26.7% from 3.59 billion won in the year-earlier period.

The normalized profit margin declined to 1.5% from 2.0% in the year-earlier period.

Total revenue fell on an annual basis to 180.05 billion won from 182.31 billion won, and total operating expenses increased on an annual basis to 174.20 billion won from 170.23 billion won.

Reported net income declined 65.2% on an annual basis to 3.20 billion won, or 119.58 won per share, from 9.21 billion won, or 343.85 won per share.

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