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Harim Co. swings to profit in Q1

Harim Co. Ltd. said its normalized net income for the first quarter amounted to 34.05 South Korean won per share, compared with a loss of 114.89 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 1.84 billion won, compared with a loss of 6.61 billion won in the year-earlier period.

The normalized profit margin rose to 1.0% from negative 4.5% in the year-earlier period.

Total revenue rose 29.4% on an annual basis to 190.22 billion won from 147.01 billion won, and total operating expenses climbed 19.0% year over year to 186.07 billion won from 156.32 billion won.

Reported net income totaled 2.56 billion won, or 47.45 won per share, compared to a loss of 9.45 billion won, or a loss of 164.22 won per share, in the year-earlier period.

As of May 26, US$1 was equivalent to 1,106.84 South Korean won.