Ace Bed Company Ltd said its first-quarter normalized net income came to 2,549.86 South Korean won per share, a decline of 6.6% from 2,729.13 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 4.88 billion won, a decrease of 6.6% from 5.23 billion won in the prior-year period.

The normalized profit margin fell to 11.6% from 13.2% in the year-earlier period.

Total revenue rose 6.8% year over year to 42.24 billion won from 39.54 billion won, and total operating expenses climbed 10.2% from the prior-year period to 36.30 billion won from 32.94 billion won.

Reported net income fell 15.6% on an annual basis to 5.47 billion won, or 2,854.93 won per share, from 6.47 billion won, or 3,380.81 won per share.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.