Korea Industrial Co. Ltd. said its first-quarter normalized net income was 85.43 South Korean won per share, a gain of 17.7% from 72.58 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 2.06 billion won, an increase of 18.3% from 1.74 billion won in the year-earlier period.

The normalized profit margin increased to 4.4% from 3.8% in the year-earlier period.

Total revenue rose year over year to 47.28 billion won from 45.83 billion won, and total operating expenses increased on an annual basis to 43.64 billion won from 43.20 billion won.

Reported net income grew 10.4% on an annual basis to 2.51 billion won, or 103.96 won per share, from 2.27 billion won, or 94.70 won per share.

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