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STO Co. swings to profit in Q1

STO Co. Ltd. said its normalized net income for the first quarter came to 122.34 South Korean won per share, compared with a loss of 11.50 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 990.0 million won, compared with a loss of 98.7 million won in the year-earlier period.

The normalized profit margin rose to 4.3% from negative 0.5% in the year-earlier period.

Total revenue climbed 9.3% year over year to 22.80 billion won from 20.86 billion won, and total operating expenses totaled 20.90 billion won, compared with 20.74 billion won in the prior-year period.

Reported net income came to 2.09 billion won, or 258.33 won per share, compared to a loss of 344.6 million won, or a loss of 40.16 won per share, in the prior-year period.

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