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Good People Co. Ltd. swings to profit in Q1

Good People Co. Ltd. said its normalized net income for the first quarter came to 9.31 South Korean won per share, compared with a loss of 32.62 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 230.6 million won, compared with a loss of 787.9 million won in the prior-year period.

The normalized profit margin rose to 1.2% from negative 2.6% in the year-earlier period.

Total revenue fell year over year to 28.92 billion won from 29.97 billion won, and total operating expenses fell 8.3% from the prior-year period to 28.52 billion won from 31.09 billion won.

Reported net income came to 283.8 million won, or 11.46 won per share, compared to a loss of 1.13 billion won, or a loss of 46.88 won per share, in the prior-year period.

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