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Austem Q1 profit falls YOY

Austem Co. Ltd. said its normalized net income for the first quarter amounted to 55.69 South Korean won per share, a decrease of 28.8% from 78.18 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 1.34 billion won, a decline of 28.7% from 1.88 billion won in the prior-year period.

The normalized profit margin dropped to 2.5% from 3.5% in the year-earlier period.

Total revenue totaled 54.42 billion won, compared with 54.25 billion won in the year-earlier period, and total operating expenses came to 52.78 billion won, compared with 52.33 billion won in the prior-year period.

Reported net income rose 50.6% on an annual basis to 3.49 billion won, or 144.67 won per share, from 2.32 billion won, or 96.11 won per share.

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