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Dong Won Fisheries Q1 profit climbs 30.9% YOY

Dong Won Fisheries Co. Ltd. said its normalized net income for the first quarter came to 128.94 South Korean won per share, a gain of 24.8% from 103.30 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 523.4 million won, a gain of 30.9% from 399.8 million won in the year-earlier period.

The normalized profit margin rose to 2.4% from 1.6% in the year-earlier period.

Total revenue decreased 5.2% on an annual basis to 23.35 billion won from 24.63 billion won, and total operating expenses decreased 9.3% from the prior-year period to 22.21 billion won from 24.49 billion won.

Reported net income rose 5.3% year over year to 589.7 million won, or 145.27 won per share, from 559.8 million won, or 144.67 won per share.

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