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Seoyon Electronics Q1 profit falls YOY

Seoyon Electronics Co. Ltd. said its first-quarter normalized net income was 110.01 South Korean won per share, a decrease of 34.4% from 167.67 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 2.95 billion won, a decrease of 34.5% from 4.50 billion won in the prior-year period.

The normalized profit margin dropped to 1.7% from 2.6% in the year-earlier period.

Total revenue grew year over year to 175.78 billion won from 173.72 billion won, and total operating expenses grew from the prior-year period to 169.83 billion won from 162.59 billion won.

Reported net income decreased 30.2% on an annual basis to 4.52 billion won, or 168.65 won per share, from 6.48 billion won, or 241.16 won per share.

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