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SAMJIN Q1 profit falls YOY

Samjin Co. Ltd. said its first-quarter normalized net income was 102.30 South Korean won per share, a decrease of 61.7% from 266.88 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 613.8 million won, a decline of 61.7% from 1.60 billion won in the year-earlier period.

The normalized profit margin dropped to 2.0% from 5.5% in the year-earlier period.

Total revenue grew on an annual basis to 30.20 billion won from 29.39 billion won, and total operating expenses climbed on an annual basis to 29.12 billion won from 27.91 billion won.

Reported net income declined 61.1% year over year to 932.2 million won, or 155.37 won per share, from 2.40 billion won, or 398.63 won per share.

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