NVH Korea Inc. said its normalized net income for the first quarter was 35.15 South Korean won per share, a decrease of 45.0% from 63.94 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 974.4 million won, a decrease of 46.8% from 1.83 billion won in the prior-year period.

The normalized profit margin declined to 0.8% from 1.4% in the year-earlier period.

Total revenue fell year over year to 123.25 billion won from 126.91 billion won, and total operating expenses came to 121.67 billion won, compared with 122.58 billion won in the year-earlier period.

Reported net income decreased 67.3% from the prior-year period to 607.7 million won, or 21.92 won per share, from 1.86 billion won, or 64.75 won per share.

As of May 29, US$1 was equivalent to 1,113.21 South Korean won.