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SJM Co. Q1 profit falls YOY

SJM Co. Ltd. said its normalized net income for the first quarter was 261.46 South Korean won per share, a decline of 14.6% from 306.05 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 4.08 billion won, a decline of 14.6% from 4.78 billion won in the prior-year period.

The normalized profit margin dropped to 9.0% from 11.5% in the year-earlier period.

Total revenue climbed 9.3% on an annual basis to 45.54 billion won from 41.69 billion won, and total operating expenses rose 11.9% from the prior-year period to 39.43 billion won from 35.24 billion won.

Reported net income rose from the prior-year period to 5.01 billion won, or 320.95 won per share, from 4.87 billion won, or 311.99 won per share.

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