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Gwangju Shinsegae Q1 profit climbs YOY

Gwangju Shinsegae Co. Ltd. said its first-quarter normalized net income came to 5,754.48 South Korean won per share, an increase from 5,665.65 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 9.21 billion won, an increase from 9.07 billion won in the prior-year period.

The normalized profit margin rose to 17.7% from 17.2% in the year-earlier period.

Total revenue fell year over year to 51.88 billion won from 52.60 billion won, and total operating expenses decreased from the prior-year period to 38.27 billion won from 38.94 billion won.

Reported net income rose on an annual basis to 11.29 billion won, or 7,053.35 won per share, from 11.12 billion won, or 6,947.00 won per share.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.