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Daewon Kang Up Q1 profit falls YOY

Daewon Kang Up Co. Ltd. said its normalized net income for the first quarter came to 74.02 South Korean won per share, a decrease of 33.0% from 110.41 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 4.59 billion won, a decline of 33.0% from 6.85 billion won in the prior-year period.

The normalized profit margin fell to 1.9% from 2.6% in the year-earlier period.

Total revenue decreased 7.8% on an annual basis to 246.70 billion won from 267.62 billion won, and total operating expenses declined 6.1% on an annual basis to 236.41 billion won from 251.74 billion won.

Reported net income increased 83.3% year over year to 5.24 billion won, or 84.51 won per share, from 2.86 billion won, or 46.06 won per share.

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