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Genebiotech Q1 profit climbs YOY

Genebiotech Co. Ltd. said its first-quarter normalized net income amounted to 36.81 South Korean won per share, a gain from 17.66 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 266.5 million won, a gain from 119.9 million won in the prior-year period.

The normalized profit margin increased to 2.4% from 1.0% in the year-earlier period.

Total revenue declined 5.2% year over year to 11.30 billion won from 11.92 billion won, and total operating expenses decreased 6.7% from the prior-year period to 11.31 billion won from 12.12 billion won.

Reported net income totaled 166.4 million won, or 22.99 won per share, compared to a loss of 54.7 million won, or a loss of 8.06 won per share, in the year-earlier period.

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