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Seoyeon Q1 profit falls YOY

Seoyeon Co. Ltd. said its first-quarter normalized net income was 187.19 South Korean won per share, a decline of 80.1% from 942.87 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 3.88 billion won, a decrease of 88.5% from 33.64 billion won in the prior-year period.

The normalized profit margin declined to 0.2% from 4.6% in the year-earlier period.

Total revenue climbed 5.5% on an annual basis to 778.79 billion won from 738.03 billion won, and total operating expenses climbed 9.9% year over year to 736.18 billion won from 669.71 billion won.

Reported net income decreased 74.2% year over year to 11.97 billion won, or 576.82 won per share, from 46.45 billion won, or 1,301.65 won per share.

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