Kukbo Design Co. Ltd. said its normalized net income for the first quarter was 138.69 South Korean won per share, a decline of 70.3% from 467.12 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 1.04 billion won, a decrease of 70.3% from 3.50 billion won in the prior-year period.

The normalized profit margin declined to 2.7% from 7.6% in the year-earlier period.

Total revenue fell 17.2% year over year to 38.11 billion won from 46.05 billion won, and total operating expenses fell 10.4% from the prior-year period to 36.90 billion won from 41.20 billion won.

Reported net income fell 61.7% on an annual basis to 1.42 billion won, or 188.86 won per share, from 3.70 billion won, or 493.02 won per share.

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