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Seojin Automotive Q1 profit falls YOY

Seojin Automotive Co. Ltd. said its normalized net income for the first quarter came to 1.24 billion won, a decrease of 31.7% from 1.82 billion won in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 0.4% from 0.6% in the year-earlier period.

Total revenue rose on an annual basis to 327.66 billion won from 316.97 billion won, and total operating expenses rose year over year to 323.17 billion won from 309.64 billion won.

Reported net income came to 1.33 billion won, compared with 2.77 billion won, or 182.84 won per share, in the prior-year period.

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