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Sajo Industries swings to profit in Q1

Sajo Industries Company Ltd said its normalized net income for the first quarter amounted to 636.37 South Korean won per share, compared with a loss of 1,116.00 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 3.09 billion won, compared with a loss of 4.87 billion won in the prior-year period.

The normalized profit margin increased to 1.1% from negative 1.3% in the year-earlier period.

Total revenue declined 28.5% year over year to 277.61 billion won from 388.41 billion won, and total operating expenses decreased 28.4% from the prior-year period to 267.40 billion won from 373.47 billion won.

Reported net income came to 7.76 billion won, or 1,598.84 won per share, compared to a loss of 2.67 billion won, or a loss of 611.10 won per share, in the prior-year period.

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