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Kyungin Electronics Q1 profit falls YOY

Kyungin Electronics Co. Ltd. said its normalized net income for the first quarter amounted to 248.22 South Korean won per share, a decline of 25.0% from 330.91 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 340.5 million won, a decline of 24.9% from 453.4 million won in the prior-year period.

The normalized profit margin rose to 5.6% from 5.4% in the year-earlier period.

Total revenue fell 27.0% year over year to 6.11 billion won from 8.37 billion won, and total operating expenses fell 28.1% year over year to 5.44 billion won from 7.57 billion won.

Reported net income declined 19.0% year over year to 374.0 million won, or 272.62 won per share, from 461.7 million won, or 336.91 won per share.

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