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Daesang Holdings Q1 profit falls YOY

Daesang Holdings Co. Ltd. said its normalized net income for the first quarter amounted to 193.19 South Korean won per share, a decrease of 32.7% from 287.02 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.00 billion won, a decline of 34.2% from 10.63 billion won in the prior-year period.

The normalized profit margin dropped to 1.0% from 1.6% in the year-earlier period.

Total revenue climbed 6.0% year over year to 725.79 billion won from 684.48 billion won, and total operating expenses increased 7.9% from the prior-year period to 688.43 billion won from 637.79 billion won.

Reported net income fell 54.8% on an annual basis to 6.30 billion won, or 173.90 won per share, from 13.94 billion won, or 376.22 won per share.

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