Pungguk Ethanol Industrial Co. Ltd. said its first-quarter normalized net income came to 139.06 South Korean won per share, a gain of 24.8% from 111.46 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 1.75 billion won, an increase of 24.9% from 1.40 billion won in the prior-year period.

The normalized profit margin increased to 7.4% from 5.7% in the year-earlier period.

Total revenue declined 5.1% on an annual basis to 23.54 billion won from 24.81 billion won, and total operating expenses fell 6.8% on an annual basis to 20.83 billion won from 22.34 billion won.

Reported net income grew 15.3% year over year to 2.07 billion won, or 164.33 won per share, from 1.80 billion won, or 142.66 won per share.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.