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Kyung Chang Industrial Q1 profit falls YOY

Kyung Chang Industrial Co. Ltd. said its first-quarter normalized net income amounted to 294.01 South Korean won per share, a decrease of 15.7% from 348.90 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 4.49 billion won, a decrease of 15.7% from 5.33 billion won in the year-earlier period.

The normalized profit margin dropped to 3.1% from 3.9% in the year-earlier period.

Total revenue grew year over year to 140.27 billion won from 138.38 billion won, and total operating expenses increased from the prior-year period to 131.12 billion won from 129.14 billion won.

Reported net income fell 19.8% year over year to 7.77 billion won, or 508.49 won per share, from 9.69 billion won, or 634.06 won per share.

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