Nongwoobio Co. Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to 145.9 million won, a fall of 91.2% from 1.65 billion won in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to 0.8% from 8.7% in the year-earlier period.
Total revenue declined 9.5% year over year to 17.18 billion won from 18.99 billion won, and total operating expenses rose 9.0% year over year to 17.99 billion won from 16.51 billion won.
Reported net income came to 452.2 million won, compared with 2.53 billion won, or 176.80 won per share, in the prior-year period.
As of Feb. 27, US$1 was equivalent to 1,101.10 South Korean won.
