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Kangwon Land Q1 profit climbs 26.0% YOY

Kangwon Land Inc. said its normalized net income for the first quarter came to 543.88 South Korean won per share, a gain of 25.9% from 431.88 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 110.27 billion won, a gain of 26.0% from 87.52 billion won in the prior-year period.

The normalized profit margin climbed to 26.0% from 23.4% in the year-earlier period.

Total revenue rose 14.0% on an annual basis to 425.44 billion won from 373.30 billion won, and total operating expenses rose 8.6% year over year to 255.99 billion won from 235.68 billion won.

Reported net income grew 24.9% from the prior-year period to 132.35 billion won, or 652.83 won per share, from 105.99 billion won, or 523.00 won per share.

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