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Lotte Tour Development swings to profit in Q1

Lotte Tour Development Co. Ltd. said its normalized net income for the first quarter came to 14.35 South Korean won per share, compared with a loss of 4.86 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 529.7 million won, compared with a loss of 180.1 million won in the year-earlier period.

The normalized profit margin climbed to 4.7% from negative 2.0% in the year-earlier period.

Total revenue rose 21.8% on an annual basis to 11.20 billion won from 9.20 billion won, and total operating expenses rose year over year to 10.45 billion won from 10.11 billion won.

Reported net income totaled 941.8 million won, or 25.51 won per share, compared to a loss of 642.2 million won, or a loss of 17.32 won per share, in the year-earlier period.

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