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KT&G Corp. Q1 profit falls YOY

KT&G Corp. said its normalized net income for the first quarter came to 1,942.79 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 1,800.26 won per share.

EPS fell 6.6% year over year from 2,079.43 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 245.03 billion won, a decrease of 6.5% from 261.99 billion won in the year-earlier period.

The normalized profit margin fell to 22.5% from 23.0% in the year-earlier period.

Total revenue declined on an annual basis to 1.091 trillion won from 1.137 trillion won, and total operating expenses decreased from the prior-year period to 698.56 billion won from 714.38 billion won.

Reported net income declined 7.9% from the prior-year period to 284.39 billion won, or 2,254.83 won per share, from 308.92 billion won, or 2,451.92 won per share.

As of June 24, US$1 was equivalent to 1,165.69 South Korean won.