[NEWS] SM’s 2Q Results Mirror 1Q. Operating Profit Falls by 75%, Net Profit Falls by 71%
Readers will remember that in the first quarter of this year, SM’s operating profits dropped by 80% as compared to the previous year and that its net profits dropped by 90%. JYJ3 wrote about it here and there were many news articles, which were translated here.
It looks like the streak is continuing in the second quarter. The latest reports reveal that for the second quarter, SM’s operating profits dropped by 74.4% as compared to the previous year and that the net profits dropped by 71.1%.
SM, Operating Profits for 2Q 2.3 billion KRW… Compared to Last Year, Decline by 74%
SM revealed through its (statutorily-mandated) semi-annual report that its operating profits for the past 2nd quarter was 2,361,000,000 KRW (T/N: approximately 2,150,000 million USD), and had thus decreased by 74.4% compared to the same period of last year.
Sales were 21,240,000,000 KRW (approximately 19,900,000 USD), which was a decrease of 14.5% from the same quarter of last year. The net profits recorded 2,863,000,000 KRW (T/N: approximately 2,680,000 USD), which was a decrease of 71.1%.