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NamYang Dairy Products swings to profit in Q1

NamYang Dairy Products Co. Ltd. said its normalized net income for the first quarter amounted to 3,798.15 South Korean won per share, compared with a loss of 6,421.96 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 2.58 billion won, compared with a loss of 5.43 billion won in the year-earlier period.

The normalized profit margin climbed to 0.9% from negative 1.9% in the year-earlier period.

Total revenue declined on an annual basis to 282.91 billion won from 292.53 billion won, and total operating expenses declined 7.4% year over year to 280.50 billion won from 302.80 billion won.

Reported net income totaled 419.6 million won, or 617.35 won per share, compared to a loss of 6.06 billion won, or a loss of 7,166.96 won per share, in the prior-year period.

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