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Hitejinro Holdings swings to profit in Q1

Hitejinro Holdings Co. Ltd. said its normalized net income for the first quarter came to 172.92 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 193.09 won per share.

The per-share result swung to a profit from the prior-year loss of 112.21 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.70 billion won, compared with a loss of 2.44 billion won in the prior-year period.

The normalized profit margin climbed to 0.8% from negative 0.6% in the year-earlier period.

Total revenue grew 5.5% on an annual basis to 435.75 billion won from 413.14 billion won, and total operating expenses grew from the prior-year period to 405.38 billion won from 398.29 billion won.

Reported net income came to 1.52 billion won, or 71.20 won per share, compared to a loss of 6.53 billion won, or a loss of 299.68 won per share, in the prior-year period.

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