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Korea Flange Q1 profit falls YOY

Korea Flange Co. Ltd. said its first-quarter normalized net income came to 37.95 South Korean won per share, a decline of 62.9% from 102.22 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 231.1 million won, a decrease of 62.5% from 616.0 million won in the year-earlier period.

The normalized profit margin fell to 0.1% from 0.3% in the year-earlier period.

Total revenue increased 7.8% year over year to 258.22 billion won from 239.63 billion won, and total operating expenses climbed 7.5% from the prior-year period to 256.88 billion won from 238.98 billion won.

Reported net income rose year over year to 1.90 billion won, or 312.14 won per share, from 702.3 million won, or 116.54 won per share.

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