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TS Corp. Q1 profit falls YOY

TS Corp. said its normalized net income for the first quarter came to 219.73 South Korean won per share, a decrease of 70.6% from 746.48 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 1.76 billion won, a decline of 71.0% from 6.06 billion won in the year-earlier period.

The normalized profit margin fell to negative 0.3% from 1.9% in the year-earlier period.

Total revenue rose on an annual basis to 329.63 billion won from 315.70 billion won, and total operating expenses grew 7.0% on an annual basis to 321.91 billion won from 300.96 billion won.

Reported net income declined 49.8% on an annual basis to 3.13 billion won, or 392.10 won per share, from 6.24 billion won, or 768.18 won per share.

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