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Woori Technology Q1 loss narrows YOY

Woori Technology Inc. said its normalized net income for the first quarter was a loss of 3.20 South Korean won per share, compared with a loss of 10.89 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 245.6 million won, compared with a loss of 747.5 million won in the prior-year period.

The normalized profit margin climbed to negative 8.3% from negative 11.0% in the year-earlier period.

Total revenue fell 43.4% year over year to 3.85 billion won from 6.80 billion won, and total operating expenses declined 39.9% on an annual basis to 4.72 billion won from 7.85 billion won.

Reported net income totaled a loss of 358.6 million won, or a loss of 4.67 won per share, compared to a loss of 1.29 billion won, or a loss of 18.80 won per share, in the prior-year period.

As of May 16, US$1 was equivalent to 1,177.43 South Korean won.