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Ewon Comfortech swings to profit in Q1

Ewon Comfortech Co. Ltd. said its first-quarter normalized net income was 12.09 South Korean won per share, compared with a loss of 15.97 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 151.5 million won, compared with a loss of 199.9 million won in the year-earlier period.

The normalized profit margin increased to 1.5% from negative 1.9% in the year-earlier period.

Total revenue grew on an annual basis to 10.37 billion won from 10.26 billion won, and total operating expenses fell year over year to 10.15 billion won from 10.30 billion won.

Reported net income came to 246.2 million won, or 19.65 won per share, compared to a loss of 300.3 million won, or a loss of 23.99 won per share, in the year-earlier period.

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