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Samyang Foods Q1 profit falls YOY

Samyang Foods Co. Ltd. said its first-quarter normalized net income amounted to 40.00 South Korean won per share, a decline of 85.2% from 269.52 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 301.3 million won, a decrease of 85.0% from 2.01 billion won in the year-earlier period.

The normalized profit margin fell to 0.4% from 2.5% in the year-earlier period.

Total revenue decreased 8.7% year over year to 73.91 billion won from 80.95 billion won, and total operating expenses decreased 5.8% year over year to 72.94 billion won from 77.43 billion won.

Reported net income came to a loss of 2.56 billion won, or a loss of 340.28 won per share, compared to income of 2.38 billion won, or 319.47 won per share, in the prior-year period.

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