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FarmStory Q1 profit falls YOY

FarmStory Co. Ltd. said its normalized net income for the first quarter came to 5.38 South Korean won per share, a decrease of 86.5% from 40.00 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 447.4 million won, a decrease of 86.0% from 3.19 billion won in the year-earlier period.

The normalized profit margin dropped to 0.0% from 1.3% in the year-earlier period.

Total revenue increased 6.1% year over year to 261.23 billion won from 246.30 billion won, and total operating expenses grew 8.3% year over year to 257.92 billion won from 238.06 billion won.

Reported net income decreased 95.8% from the prior-year period to 166.2 million won, or a loss of 1.06 won per share, from 4.00 billion won, or 50.22 won per share.

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