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Samsung C&T swings to profit in Q1

Samsung C&T Corp. said its first-quarter normalized net income came to 1,230.80 South Korean won per share, compared with a loss of 1,387.96 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 201.19 billion won, compared with a loss of 225.81 billion won in the year-earlier period.

The normalized profit margin rose to 3.0% from negative 3.5% in the year-earlier period.

Total revenue increased year over year to 6.702 trillion won from 6.487 trillion won, and total operating expenses fell 5.2% on an annual basis to 6.572 trillion won from 6.929 trillion won.

Reported net income totaled 210.13 billion won, or 1,285.48 won per share, compared with a loss of 450.50 billion won, or a loss of 2,768.99 won per share, in the prior-year period.

As of May 15, US$1 was equivalent to 1,116.40 South Korean won.