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Daesung Finetec Q1 profit climbs 6.5% YOY

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Daesung Finetec Q1 profit climbs 6.5% YOY

Daesung Finetec Co. Ltd. said its first-quarter normalized net income amounted to 22.26 South Korean won per share, a gain from 21.63 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 572.5 million won, a gain of 6.5% from 537.6 million won in the year-earlier period.

The normalized profit margin dropped to 5.1% from 5.9% in the year-earlier period.

Total revenue increased 24.1% year over year to 11.25 billion won from 9.06 billion won, and total operating expenses rose 24.8% from the prior-year period to 10.21 billion won from 8.18 billion won.

Reported net income rose from the prior-year period to 807.2 million won, or 31.39 won per share, from 770.4 million won, or 31.00 won per share.

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