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East Asia Holdings Investment Q1 profit falls YOY

East Asia Holdings Investment Ltd said its first-quarter normalized net income amounted to 9.77 South Korean won per share, a decline of 73.9% from 37.38 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 677.5 million won, a decrease of 57.2% from 1.58 billion won in the year-earlier period.

The normalized profit margin declined to 4.2% from 6.2% in the year-earlier period.

Total revenue declined 10.5% on an annual basis to 22.96 billion won from 25.65 billion won, and total operating expenses grew from the prior-year period to 21.81 billion won from 21.45 billion won.

Reported net income fell 91.8% year over year to 364.7 million won, or 5.26 won per share, from 4.46 billion won, or 105.22 won per share.

As of May 29, US$1 was equivalent to 1,113.21 South Korean won.