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Dongwon Metal fiscal Q1 profit falls YOY

Dongwon Metal Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 71.38 South Korean won per share, a decline of 50.7% from 144.65 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 1.91 billion won, a decrease of 50.6% from 3.87 billion won in the prior-year period.

The normalized profit margin declined to 1.7% from 3.3% in the year-earlier period.

Total revenue declined year over year to 111.86 billion won from 116.46 billion won, and total operating expenses fell year over year to 105.48 billion won from 109.59 billion won.

Reported net income fell 52.8% on an annual basis to 2.86 billion won, or 106.83 won per share, from 6.06 billion won, or 226.66 won per share.

As of Aug. 14, US$1 was equivalent to 1,020.35 South Korean won.