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Daesung Eltec Q1 profit falls YOY

Daesung Eltec Co. Ltd. said its first-quarter normalized net income came to 5.06 South Korean won per share, a decline of 68.6% from 16.11 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 347.6 million won, a decline of 70.0% from 1.16 billion won in the year-earlier period.

The normalized profit margin declined to 0.4% from 1.2% in the year-earlier period.

Total revenue fell 14.8% on an annual basis to 83.35 billion won from 97.80 billion won, and total operating expenses fell 14.1% year over year to 81.93 billion won from 95.37 billion won.

Reported net income fell 53.8% from the prior-year period to 569.4 million won, or 8.28 won per share, from 1.23 billion won, or 17.11 won per share.

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