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Sajo Oyang swings to profit in Q1

Sajo Oyang Corp. said its normalized net income for the first quarter was 329.85 South Korean won per share, compared with a loss of 424.08 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 1.44 billion won, compared with a loss of 1.85 billion won in the prior-year period.

The normalized profit margin climbed to 5.5% from negative 6.9% in the year-earlier period.

Total revenue fell on an annual basis to 26.18 billion won from 26.63 billion won, and total operating expenses declined 17.2% from the prior-year period to 24.00 billion won from 29.01 billion won.

Reported net income totaled 1.80 billion won, or 413.99 won per share, compared to a loss of 2.67 billion won, or a loss of 614.00 won per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 1,077.15 South Korean won.