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Welcron swings to profit in Q1

Welcron Co. Ltd. said its normalized net income for the first quarter was 15.90 South Korean won per share, compared with a loss of 5.69 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 377.0 million won, compared with a loss of 130.3 million won in the year-earlier period.

The normalized profit margin rose to 1.7% from negative 0.3% in the year-earlier period.

Total revenue climbed on an annual basis to 51.01 billion won from 50.15 billion won, and total operating expenses declined from the prior-year period to 49.90 billion won from 50.95 billion won.

Reported net income came to 358.5 million won, or 15.11 won per share, compared to a loss of 596.3 million won, or a loss of 26.05 won per share, in the prior-year period.

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