Farmsco said its first-quarter normalized net income amounted to 107.94 South Korean won per share, a gain of 6.9% from 101.02 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 3.89 billion won, a gain of 12.5% from 3.46 billion won in the prior-year period.

The normalized profit margin increased to 1.9% from 1.8% in the year-earlier period.

Total revenue grew year over year to 200.01 billion won from 195.29 billion won, and total operating expenses rose year over year to 193.69 billion won from 188.99 billion won.

Reported net income rose 36.4% year over year to 4.61 billion won, or 128.00 won per share, from 3.38 billion won, or 98.74 won per share.

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