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Nongwoobio fiscal Q2 profit falls YOY

Nongwoobio Co. Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to 46.01 South Korean won per share, a decrease of 87.5% from 369.13 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 658.0 million won, a decrease of 87.5% from 5.27 billion won in the prior-year period.

The normalized profit margin fell to 2.6% from 18.6% in the year-earlier period.

Total revenue decreased 12.4% on an annual basis to 24.86 billion won from 28.36 billion won, and total operating expenses increased 20.1% on an annual basis to 24.17 billion won from 20.13 billion won.

Reported net income decreased 79.7% year over year to 1.56 billion won, or 108.99 won per share, from 7.67 billion won, or 537.19 won per share.

As of May 29, US$1 was equivalent to 1,113.21 South Korean won.