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Hanil Forging Industrial swings to profit in Q1

Hanil Forging Industrial Co. Ltd. said its normalized net income for the first quarter amounted to 42.75 South Korean won per share, compared with a loss of 4.47 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 549.5 million won, compared with a loss of 57.0 million won in the prior-year period.

The normalized profit margin climbed to 1.7% from negative 0.2% in the year-earlier period.

Total revenue totaled 33.59 billion won, compared with 33.39 billion won in the year-earlier period, and total operating expenses totaled 32.57 billion won, compared with 32.60 billion won in the prior-year period.

Reported net income grew year over year to 715.7 million won, or 55.69 won per share, from 233.9 million won, or 18.34 won per share.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.