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Hyundai Industrial Q1 profit falls YOY

Hyundai Industrial Co. Ltd. said its first-quarter normalized net income amounted to 248.95 South Korean won per share, an increase of 31.5% from 189.31 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 2.50 billion won, a decline of 11.9% from 2.84 billion won in the prior-year period.

The normalized profit margin fell to 5.3% from 6.5% in the year-earlier period.

Total revenue increased 9.2% year over year to 47.39 billion won from 43.40 billion won, and total operating expenses grew 10.5% year over year to 43.61 billion won from 39.47 billion won.

Reported net income rose 13.0% from the prior-year period to 3.83 billion won, or 381.09 won per share, from 3.39 billion won, or 226.02 won per share.

As of May 27, US$1 was equivalent to 1,108.34 South Korean won.