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Namsung Q1 profit climbs 16.0% YOY

Namsung Corp. said its first-quarter normalized net income came to 197.34 South Korean won per share, an increase from 22.32 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 415.9 million won, a gain of 16.0% from 358.5 million won in the year-earlier period.

The normalized profit margin declined to 2.1% from 2.4% in the year-earlier period.

Total revenue climbed 34.9% on an annual basis to 20.25 billion won from 15.00 billion won, and total operating expenses increased 34.9% on an annual basis to 18.84 billion won from 13.97 billion won.

Reported net income rose 39.3% year over year to 611.6 million won, or 290.23 won per share, from 438.9 million won, or 27.33 won per share.

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