Seoul Food Industrial Co. Ltd. said its normalized net income for the first quarter was 1.04 South Korean won per share, a decrease of 27.4% from 1.43 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 346.6 million won, a decrease of 25.7% from 466.6 million won in the year-earlier period.

The normalized profit margin dropped to 2.9% from 4.4% in the year-earlier period.

Total revenue climbed 17.3% year over year to 12.38 billion won from 10.56 billion won, and total operating expenses rose 16.2% from the prior-year period to 11.65 billion won from 10.03 billion won.

Reported net income increased 60.4% year over year to 568.6 million won, or 1.71 won per share, from 354.4 million won, or 1.09 won per share.

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