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Sewon Q1 profit climbs YOY

Sewon Corp. said its first-quarter normalized net income was 26.98 South Korean won per share, a gain from 79 chon per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 225.3 million won, a gain from 6.7 million won in the year-earlier period.

The normalized profit margin climbed to 0.9% from 0.0% in the year-earlier period.

Total revenue fell 11.5% year over year to 25.99 billion won from 29.35 billion won, and total operating expenses declined 12.0% on an annual basis to 26.33 billion won from 29.94 billion won.

Reported net income came to 522.8 million won, or 62.62 won per share, compared to 523.1 million won, or 62.00 won per share, in the prior-year period.

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