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Hwashin Precision Engineering Q1 profit falls YOY

Hwashin Precision Engineering Co. Ltd. said its first-quarter normalized net income was 31.49 South Korean won per share, a decrease of 30.4% from 45.26 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 1.10 billion won, a decline of 31.9% from 1.62 billion won in the year-earlier period.

The normalized profit margin declined to 1.8% from 2.4% in the year-earlier period.

Total revenue decreased 7.5% on an annual basis to 62.44 billion won from 67.49 billion won, and total operating expenses fell 6.1% year over year to 61.05 billion won from 65.04 billion won.

Reported net income fell 33.7% from the prior-year period to 1.38 billion won, or 39.29 won per share, from 2.08 billion won, or 58.00 won per share.

As of April 30, US$1 was equivalent to 1,077.15 South Korean won.