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Nongshim profit misses consensus by 26.7% in Q1

Nongshim Co. Ltd. said its normalized net income for the first quarter came to 3,451.18 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 4,707.80 won per share.

EPS declined 17.5% year over year from 4,182.96 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.96 billion won, a decline of 17.5% from 24.19 billion won in the prior-year period.

The normalized profit margin declined to 3.7% from 4.5% in the year-earlier period.

Total revenue came to 539.95 billion won, compared with 542.27 billion won in the prior-year period, and total operating expenses totaled 512.26 billion won, compared with 509.01 billion won in the year-earlier period.

Reported net income declined 20.0% on an annual basis to 23.40 billion won, or 4,046.36 won per share, from 29.26 billion won, or 5,060.46 won per share.

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