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Grand Korea Leisure Q1 profit falls YOY

Grand Korea Leisure Co. Ltd. said its first-quarter normalized net income was 423.39 South Korean won per share, a decline of 17.0% from 510.18 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 26.19 billion won, a decline of 17.0% from 31.56 billion won in the year-earlier period.

The normalized profit margin declined to 17.6% from 22.7% in the year-earlier period.

Total revenue grew 6.9% year over year to 148.72 billion won from 139.12 billion won, and total operating expenses increased 8.9% year over year to 100.16 billion won from 91.99 billion won.

Reported net income fell 14.4% year over year to 32.16 billion won, or 519.98 won per share, from 37.56 billion won, or 607.00 won per share.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.