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Sincetimes Q1 profit climbs 5.7% YOY

Sincetimes Co. Ltd. said its normalized net income for the first quarter was 71.93 South Korean won per share, an increase of 5.2% from 68.35 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 730.3 million won, an increase of 5.7% from 690.9 million won in the year-earlier period.

The normalized profit margin climbed to 15.8% from 9.3% in the year-earlier period.

Total revenue declined 13.0% on an annual basis to 6.49 billion won from 7.46 billion won, and total operating expenses decreased 14.4% from the prior-year period to 6.27 billion won from 7.33 billion won.

Reported net income grew 60.9% from the prior-year period to 1.15 billion won, or 113.17 won per share, from 714.2 million won, or 70.66 won per share.

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