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GMB Korea Q1 profit falls YOY

GMB Korea Corp. said its normalized net income for the first quarter came to 133.88 South Korean won per share, a decline of 38.3% from 217.14 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 2.55 billion won, a decline of 38.3% from 4.14 billion won in the prior-year period.

The normalized profit margin dropped to 2.3% from 3.7% in the year-earlier period.

Total revenue came to 112.18 billion won, compared with 111.48 billion won in the prior-year period, and total operating expenses climbed year over year to 106.84 billion won from 105.49 billion won.

Reported net income declined 34.2% from the prior-year period to 3.69 billion won, or 193.35 won per share, from 5.60 billion won, or 293.87 won per share.

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