Wednesday, August 7th, 2013
A Seoul Semiconductor official said on August 6, "We paid the 12.2-billion-won tax bill in the second quarter. Although we had requested a tax deduction on R&D costs for our three research centers, we later learned such a tax deduction is permitted to up to two research organizations per corporation. It was an honest mistake and there was no intention on our part to evade tax payments."
The 12.2-billion-won corporate tax cost will affect the company's net profit, but not operating profit. As a result, the revised second-quarter net profit of Seoul Semiconductor will be below the consensus level. According to WISEfn Corp., a stock market data provider, Seoul Semiconductor's second-quarter consensus net profit was 13.3 billion won.