New Pride Corp. said its first-quarter normalized net income came to 8.89 South Korean won per share, a decrease of 52.1% from 18.56 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 63.7 million won, a decline of 82.3% from 360.7 million won in the prior-year period.

The normalized profit margin declined to 0.4% from 2.1% in the year-earlier period.

Total revenue fell 9.0% on an annual basis to 15.36 billion won from 16.87 billion won, and total operating expenses decreased 5.9% on an annual basis to 15.27 billion won from 16.23 billion won.

Reported net income decreased 85.0% from the prior-year period to 78.8 million won, or 11.00 won per share, from 524.9 million won, or 27.01 won per share.

As of June 1, US$1 was equivalent to 1,115.34 South Korean won.