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Willbes & Co. Q1 profit falls YOY

Willbes & Co. Ltd. said its normalized net income for the first quarter was 24.96 South Korean won per share, a decrease of 38.8% from 40.76 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 1.26 billion won, a decline of 38.3% from 2.04 billion won in the prior-year period.

The normalized profit margin declined to 1.8% from 3.0% in the year-earlier period.

Total revenue climbed on an annual basis to 68.92 billion won from 67.20 billion won, and total operating expenses rose from the prior-year period to 65.44 billion won from 63.36 billion won.

Reported net income fell 49.3% on an annual basis to 1.43 billion won, or 28.27 won per share, from 2.81 billion won, or 56.14 won per share.

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