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Pangrim fiscal Q1 profit falls YOY

Pangrim Co. Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to 480.67 South Korean won per share, a decline of 28.8% from 675.00 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 1.94 billion won, a decrease of 27.7% from 2.69 billion won in the prior-year period.

The normalized profit margin dropped to 4.3% from 6.1% in the year-earlier period.

Total revenue increased on an annual basis to 44.74 billion won from 44.16 billion won, and total operating expenses rose on an annual basis to 41.26 billion won from 40.05 billion won.

Reported net income decreased 29.5% year over year to 2.48 billion won, or 612.13 won per share, from 3.51 billion won, or 881.63 won per share.

As of March 2, US$1 was equivalent to 1,102.78 South Korean won.