Hyung Kuk F&B Co. Ltd. said its first-quarter normalized net income was 159.48 South Korean won per share, a decline from 164.81 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 871.6 million won, compared with 871.9 million won in the prior-year period.

The normalized profit margin fell to 11.5% from 14.8% in the year-earlier period.

Total revenue grew 28.4% on an annual basis to 7.57 billion won from 5.89 billion won, and total operating expenses increased 38.3% from the prior-year period to 6.06 billion won from 4.38 billion won.

Reported net income fell year over year to 1.12 billion won, or 205.00 won per share, from 1.14 billion won, or 215.00 won per share.

As of June 30, US$1 was equivalent to 1,117.25 South Korean won.