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Daesang Q1 profit falls YOY

Daesang Corp. said its first-quarter normalized net income amounted to 555.77 South Korean won per share, a decrease of 26.2% from 752.86 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 19.12 billion won, a decrease of 29.5% from 27.11 billion won in the year-earlier period.

The normalized profit margin dropped to 3.0% from 4.4% in the year-earlier period.

Total revenue grew year over year to 639.95 billion won from 617.00 billion won, and total operating expenses climbed 5.6% on an annual basis to 606.98 billion won from 574.94 billion won.

Reported net income decreased 38.7% year over year to 19.06 billion won, or 553.95 won per share, from 31.08 billion won, or 863.08 won per share.

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