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SK-Electronics fiscal Q1 profit falls YOY

SK-Electronics CO.LTD. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to ¥27.60 per share, a decrease of 43.4% from ¥48.76 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥304.9 million, a decline of 44.2% from ¥546.5 million in the prior-year period.

The normalized profit margin fell to 7.0% from 10.9% in the year-earlier period.

Total revenue declined 12.6% year over year to ¥4.36 billion from ¥4.99 billion, and total operating expenses fell 6.1% year over year to ¥3.74 billion from ¥3.98 billion.

Reported net income decreased 26.9% on an annual basis to ¥463.0 million, or ¥41.92 per share, from ¥633.0 million, or ¥56.48 per share.

As of Feb. 12, US$1 was equivalent to ¥112.83.