Korea Fuel-Tech Corp. said its normalized net income for the first quarter was 54.24 South Korean won per share, a decrease of 58.5% from 130.60 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 1.51 billion won, a decrease of 59.1% from 3.69 billion won in the year-earlier period.

The normalized profit margin declined to 0.4% from 5.3% in the year-earlier period.

Total revenue came to 69.28 billion won, compared with 69.26 billion won in the year-earlier period, and total operating expenses increased from the prior-year period to 65.91 billion won from 63.46 billion won.

Reported net income fell 41.5% from the prior-year period to 2.91 billion won, or 104.60 won per share, from 4.97 billion won, or 176.16 won per share.

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