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KT&G Corp. Q1 profit falls YOY

KT&G Corp. said its normalized net income for the first quarter came to 1,632.87 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 1,857.27 won per share.

EPS declined 16.0% year over year from 1,942.92 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 206.17 billion won, a decrease of 15.9% from 245.03 billion won in the prior-year period.

The normalized profit margin fell to 17.5% from 22.5% in the year-earlier period.

Total revenue grew 8.0% on an annual basis to 1.179 trillion won from 1.091 trillion won, and total operating expenses increased 12.2% on an annual basis to 783.29 billion won from 698.38 billion won.

Reported net income decreased 17.5% year over year to 234.51 billion won, or 1,857.26 won per share, from 284.39 billion won, or 2,255.00 won per share.

As of May 15, US$1 was equivalent to 1,116.40 South Korean won.