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Visang Education Q1 profit climbs 15.6% YOY

Visang Education Inc. said its normalized net income for the first quarter came to 83.72 South Korean won per share, an increase of 15.6% from 72.43 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 1.05 billion won, a gain of 15.6% from 911.4 million won in the prior-year period.

The normalized profit margin increased to 3.5% from 3.0% in the year-earlier period.

Total revenue fell year over year to 30.08 billion won from 30.64 billion won, and total operating expenses declined from the prior-year period to 28.03 billion won from 29.36 billion won.

Reported net income rose 77.8% from the prior-year period to 1.21 billion won, or 95.92 won per share, from 678.6 million won, or 53.93 won per share.

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