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GS Home Shopping Q1 profit falls YOY

GS Home Shopping Inc. said its first-quarter normalized net income came to 3,173.97 South Korean won per share, a decrease of 23.7% from 4,159.41 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 19.80 billion won, a decrease of 23.9% from 26.04 billion won in the prior-year period.

The normalized profit margin dropped to 7.0% from 10.2% in the year-earlier period.

Total revenue climbed 11.1% on an annual basis to 283.30 billion won from 255.11 billion won, and total operating expenses increased 17.7% on an annual basis to 256.60 billion won from 218.00 billion won.

Reported net income decreased 19.2% from the prior-year period to 24.59 billion won, or 3,940.52 won per share, from 30.42 billion won, or 4,859.01 won per share.

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