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Paradise Co. Q1 profit falls YOY

Paradise Co. Ltd. said its normalized net income for the first quarter was 188.53 South Korean won per share, a decrease of 18.8% from 232.19 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.13 billion won, a decrease of 11.1% from 18.14 billion won in the prior-year period.

The normalized profit margin fell to 10.7% from 10.9% in the year-earlier period.

Total revenue decreased 9.1% on an annual basis to 151.38 billion won from 166.51 billion won, and total operating expenses decreased 4.9% year over year to 128.76 billion won from 135.44 billion won.

Reported net income declined 58.7% year over year to 19.49 billion won, or 227.92 won per share, from 47.19 billion won, or 604.14 won per share.

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