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Shinsegae International profit misses consensus by 29.9% in Q1

Shinsegae International Co. Ltd. said its normalized net income for the first quarter amounted to 1,200.50 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 1,713.00 won per share.

EPS rose 63.0% year over year from 736.68 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.57 billion won, a gain of 62.9% from 5.26 billion won in the prior-year period.

The normalized profit margin rose to 3.5% from 2.6% in the year-earlier period.

Total revenue grew 17.9% year over year to 241.67 billion won from 205.01 billion won, and total operating expenses climbed 16.7% on an annual basis to 233.64 billion won from 200.13 billion won.

Reported net income increased 75.4% year over year to 9.74 billion won, or 1,364.81 won per share, from 5.56 billion won, or 777.99 won per share.

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