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Woojin Q1 loss widens 93.0% YOY

Woojin Inc. said its first-quarter normalized net income amounted to a loss of 109.76 South Korean won per share, compared with a loss of 57.14 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 a loss of 1.91 billion won, compared with a loss of 987.4 million won in the prior-year period.

The normalized profit margin declined to negative 15.6% from negative 4.6% in the year-earlier period.

Total revenue declined 31.2% on an annual basis to 14.78 billion won from 21.48 billion won, and total operating expenses declined 23.5% on an annual basis to 18.02 billion won from 23.55 billion won.

Reported net income totaled a loss of 3.15 billion won, or a loss of 181.34 won per share, compared to a loss of 1.45 billion won, or a loss of 83.67 won per share, in the prior-year period.

As of May 12, US$1 was equivalent to 1,167.89 South Korean won.