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Pyeong Hwa Automotive Q1 profit falls YOY

Pyeong Hwa Automotive Co. Ltd. said its first-quarter normalized net income came to 438.81 South Korean won per share, a decline of 12.3% from 500.63 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 9.21 billion won, a decline of 12.3% from 10.51 billion won in the year-earlier period.

The normalized profit margin fell to 3.3% from 3.9% in the year-earlier period.

Total revenue climbed year over year to 275.87 billion won from 272.64 billion won, and total operating expenses grew year over year to 261.83 billion won from 255.54 billion won.

Reported net income declined 10.8% from the prior-year period to 11.98 billion won, or 570.54 won per share, from 13.44 billion won, or 639.98 won per share.

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