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Sejong Industrial Q1 profit falls YOY

Sejong Industrial Co. Ltd. said its normalized net income for the first quarter was 354.08 South Korean won per share, a decrease of 54.2% from 772.74 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 7.05 billion won, a decline of 54.2% from 15.40 billion won in the year-earlier period.

The normalized profit margin declined to 2.6% from 5.5% in the year-earlier period.

Total revenue declined year over year to 269.39 billion won from 281.05 billion won, and total operating expenses came to 260.28 billion won, compared with 258.13 billion won in the prior-year period.

Reported net income decreased 66.3% on an annual basis to 5.76 billion won, or 289.37 won per share, from 17.12 billion won, or 858.99 won per share.

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