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Chinyang Chemical Q1 profit falls YOY

Chinyang Chemical Corp. said its first-quarter normalized net income amounted to 34.74 South Korean won per share, a decrease of 47.0% from 65.50 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 416.9 million won, a decrease of 47.1% from 787.8 million won in the prior-year period.

The normalized profit margin declined to 2.4% from 4.4% in the year-earlier period.

Total revenue totaled 17.68 billion won, compared with 17.77 billion won in the prior-year period, and total operating expenses rose year over year to 17.05 billion won from 16.68 billion won.

Reported net income fell 51.1% year over year to 529.0 million won, or 44.08 won per share, from 1.08 billion won, or 90.00 won per share.

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