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Wonpoong Q1 profit climbs 20.9% YOY

Wonpoong Corp. said its normalized net income for the first quarter came to 96.04 South Korean won per share, a gain of 19.3% from 80.52 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 1.15 billion won, an increase of 20.9% from 953.5 million won in the prior-year period.

The normalized profit margin increased to 5.8% from 4.6% in the year-earlier period.

Total revenue decreased 5.1% on an annual basis to 19.74 billion won from 20.81 billion won, and total operating expenses decreased 8.2% year over year to 18.01 billion won from 19.62 billion won.

Reported net income increased 21.3% on an annual basis to 1.46 billion won, or 121.77 won per share, from 1.20 billion won, or 101.72 won per share.

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