Kangwon Land shifts to red in Q2

SEOUL, Aug. 11 (Yonhap) -- Kangwon Land Inc. on Tuesday reported its second-quarter net loss of 45.6 billion won (US$ 38.4 million), turning from a profit of 50.9 billion won a year earlier.

The company said in a regulatory filing that it posted an operating loss of 103.8 billion won for the April-June period, compared with a profit of 172.8 billion won a year ago. Revenue fell 90.5 percent to 34.6 billion won.

The operating loss was 18.9 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
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