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Muhak Q1 profit climbs 13.8% YOY

Muhak Co. Ltd. said its normalized net income for the first quarter came to 492.68 South Korean won per share, an increase of 13.9% from 432.53 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 13.87 billion won, a gain of 13.8% from 12.18 billion won in the year-earlier period.

The normalized profit margin climbed to 21.0% from 19.8% in the year-earlier period.

Total revenue grew 7.4% year over year to 65.92 billion won from 61.40 billion won, and total operating expenses climbed 13.0% from the prior-year period to 51.32 billion won from 45.42 billion won.

Reported net income declined on an annual basis to 14.31 billion won, or 508.55 won per share, from 14.99 billion won, or 532.28 won per share.

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