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Choheung Q1 profit climbs 38.0% YOY

Choheung Corp. said its normalized net income for the first quarter was 1,535.56 South Korean won per share, an increase of 37.9% from 1,113.18 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 921.3 million won, a gain of 38.0% from 667.8 million won in the prior-year period.

The normalized profit margin climbed to 3.3% from 2.6% in the year-earlier period.

Total revenue climbed 8.3% on an annual basis to 27.59 billion won from 25.47 billion won, and total operating expenses climbed 7.2% on an annual basis to 26.18 billion won from 24.42 billion won.

Reported net income rose 31.3% year over year to 1.16 billion won, or 1,932.01 won per share, from 883.0 million won, or 1,472.00 won per share.

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