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Samick Musical Instruments Q1 profit falls YOY

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Samick Musical Instruments Q1 profit falls YOY

Samick Musical Instruments Co. Ltd. said its normalized net income for the first quarter came to 44.36 South Korean won per share, a decrease of 5.5% from 46.96 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 3.61 billion won, a decrease of 7.0% from 3.88 billion won in the year-earlier period.

The normalized profit margin dropped to 6.6% from 9.8% in the year-earlier period.

Total revenue grew year over year to 40.10 billion won from 39.58 billion won, and total operating expenses rose year over year to 36.04 billion won from 34.52 billion won.

Reported net income decreased 18.4% from the prior-year period to 4.31 billion won, or 53.00 won per share, from 5.28 billion won, or 63.94 won per share.

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