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Castec Korea Q1 profit falls YOY

Castec Korea Co. Ltd. said its first-quarter normalized net income was 119.94 South Korean won per share, a decrease of 40.9% from 202.80 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 1.48 billion won, a decrease of 25.6% from 1.99 billion won in the year-earlier period.

The normalized profit margin fell to 2.7% from 3.7% in the year-earlier period.

Total revenue totaled 54.10 billion won, compared with 53.80 billion won in the year-earlier period, and total operating expenses fell on an annual basis to 49.56 billion won from 50.08 billion won.

Reported net income fell 24.2% year over year to 1.92 billion won, or 155.56 won per share, from 2.54 billion won, or 258.46 won per share.

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