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Gaon Cable's Net Income Jumps 58% in Q2; Shares Up 5%

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Gaon Cable's (KRX:000500) net income attributable to owners of the parent surged 58% to 22.6 billion won in the second quarter from 14.3 billion won a year earlier, according to a Korea bourse filing on Tuesday.

The fiber optic cable manufacturer's sales climbed 35% to 869.4 billion won for the three months ended June 30, from 643.3 billion won in the prior year.

For the first half, the company logged an attributable net profit of 42.2 billion won, up 42% from 29.7 billion won a year ago.

Gaon Cable recorded cumulative sales of 1.633 trillion won, up 27%, and operating profit of nearly 64 billion won, up 42%.

Shares of the company rose 5% in early-morning trade on Tuesday.

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