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Hwaseung R&A Q1 profit climbs 40.6% YOY

Hwaseung R&A Co. Ltd. said its first-quarter normalized net income amounted to 209.28 South Korean won per share, an increase of 40.6% from 148.87 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 12.46 billion won, an increase of 40.6% from 8.87 billion won in the year-earlier period.

The normalized profit margin climbed to 3.1% from 2.1% in the year-earlier period.

Total revenue decreased year over year to 407.96 billion won from 426.82 billion won, and total operating expenses decreased 5.3% from the prior-year period to 385.23 billion won from 406.78 billion won.

Reported net income grew 41.0% year over year to 15.83 billion won, or 265.80 won per share, from 11.23 billion won, or 188.50 won per share.

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