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Emerson Pacific swings to profit in Q1

Emerson Pacific Inc. said its normalized net income for the first quarter was 198.57 South Korean won per share, compared with a loss of 155.44 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 2.18 billion won, compared with a loss of 1.70 billion won in the year-earlier period.

The normalized profit margin increased to 15.4% from negative 40.1% in the year-earlier period.

Total revenue increased on an annual basis to 14.11 billion won from 4.24 billion won, and total operating expenses grew 69.6% on an annual basis to 9.78 billion won from 5.77 billion won.

Reported net income came to 3.05 billion won, or 278.02 won per share, compared to a loss of 2.21 billion won, or a loss of 201.49 won per share, in the year-earlier period.

As of May 19, US$1 was equivalent to 1,095.06 South Korean won.