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Genic Co. swings to profit in Q1

Genic Co. Ltd. said its normalized net income for the first quarter came to 118.96 South Korean won per share, compared with a loss of 24.99 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 834.6 million won, compared with a loss of 172.5 million won in the year-earlier period.

The normalized profit margin climbed to 4.6% from negative 1.2% in the year-earlier period.

Total revenue grew 24.7% year over year to 18.19 billion won from 14.59 billion won, and total operating expenses increased 12.9% from the prior-year period to 16.87 billion won from 14.94 billion won.

Reported net income came to 1.10 billion won, or 156.58 won per share, compared to a loss of 297.5 million won, or a loss of 43.10 won per share, in the prior-year period.

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