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Neungyule Education Q1 profit falls YOY

Neungyule Education Inc. said its normalized net income for the first quarter came to 154.77 South Korean won per share, a decline of 37.7% from 248.31 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 1.50 billion won, a decrease of 37.3% from 2.39 billion won in the prior-year period.

The normalized profit margin declined to 11.0% from 15.1% in the year-earlier period.

Total revenue declined 14.0% on an annual basis to 13.58 billion won from 15.79 billion won, and total operating expenses declined 6.3% from the prior-year period to 11.26 billion won from 12.02 billion won.

Reported net income decreased 41.7% year over year to 1.88 billion won, or 194.51 won per share, from 3.23 billion won, or 335.74 won per share.

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