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Haitai Confectionery swings to profit in Q1

Haitai Confectionery & Foods Co. Ltd. said its normalized net income for the first quarter came to 118.06 South Korean won per share, compared with a loss of 129.40 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 2.18 billion won, compared with a loss of 2.51 billion won in the prior-year period.

The normalized profit margin increased to 1.2% from negative 1.6% in the year-earlier period.

Total revenue increased 16.9% year over year to 179.15 billion won from 153.27 billion won, and total operating expenses climbed 12.5% from the prior-year period to 171.85 billion won from 152.74 billion won.

Reported net income came to 2.71 billion won, or 147.00 won per share, compared to a loss of 2.24 billion won, or a loss of 115.39 won per share, in the prior-year period.

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