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Wooshin Systems Q1 profit falls YOY

Wooshin Systems Co. Ltd. said its normalized net income for the first quarter amounted to 42.60 South Korean won per share, a decrease of 71.1% from 147.29 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 616.2 million won, a decrease of 67.9% from 1.92 billion won in the year-earlier period.

The normalized profit margin fell to 0.2% from 3.0% in the year-earlier period.

Total revenue declined 14.5% on an annual basis to 55.19 billion won from 64.58 billion won, and total operating expenses decreased 13.0% from the prior-year period to 53.49 billion won from 61.48 billion won.

Reported net income rose 44.9% on an annual basis to 3.40 billion won, or 235.00 won per share, from 2.35 billion won, or 179.85 won per share.

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