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Binggrae Q1 profit climbs 48.8% YOY

Binggrae Co. Ltd. said its normalized net income for the first quarter was 363.58 South Korean won per share, an increase of 48.7% from 244.46 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 3.21 billion won, an increase of 48.8% from 2.16 billion won in the year-earlier period.

The normalized profit margin increased to 2.0% from 1.3% in the year-earlier period.

Total revenue decreased on an annual basis to 159.73 billion won from 167.73 billion won, and total operating expenses decreased 5.6% on an annual basis to 156.09 billion won from 165.28 billion won.

Reported net income grew 44.0% year over year to 4.03 billion won, or 455.25 won per share, from 2.80 billion won, or 316.31 won per share.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.