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Samyang Holdings swings to profit in Q1

Samyang Holdings Corp. said its first-quarter normalized net income came to 983.12 South Korean won per share, compared with a loss of 79.57 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 7.31 billion won, compared with a loss of 605.4 million won in the prior-year period.

The normalized profit margin increased to 1.4% from negative 0.1% in the year-earlier period.

Total revenue declined 5.2% year over year to 515.83 billion won from 544.21 billion won, and total operating expenses fell 5.3% on an annual basis to 499.62 billion won from 527.84 billion won.

Reported net income totaled 9.92 billion won, or 1,334.81 won per share, compared to a loss of 1.26 billion won, or a loss of 165.23 won per share, in the prior-year period.

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