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Taeyang Metal Industrial Q1 profit falls YOY

Taeyang Metal Industrial Co. Ltd. said its normalized net income for the first quarter came to 616.27 South Korean won per share, an increase from 69.54 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 2.19 billion won, a decline of 11.4% from 2.48 billion won in the prior-year period.

The normalized profit margin fell to 1.8% from 2.1% in the year-earlier period.

Total revenue climbed year over year to 121.80 billion won from 119.93 billion won, and total operating expenses increased from the prior-year period to 117.78 billion won from 116.43 billion won.

Reported net income fell 27.9% on an annual basis to 2.75 billion won, or 773.27 won per share, from 3.82 billion won, or 107.25 won per share.

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