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SEWON Precision Industry fiscal Q1 profit falls YOY

SEWON Precision Industry Co. Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 158.07 South Korean won per share, a decrease of 55.8% from 357.64 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 1.58 billion won, a decrease of 55.8% from 3.57 billion won in the year-earlier period.

The normalized profit margin fell to 1.9% from 4.4% in the year-earlier period.

Total revenue came to 82.14 billion won, compared with 82.13 billion won in the year-earlier period, and total operating expenses increased on an annual basis to 72.44 billion won from 71.42 billion won.

Reported net income declined 27.5% on an annual basis to 4.92 billion won, or 491.87 won per share, from 6.78 billion won, or 678.73 won per share.

As of Dec. 1, US$1 was equivalent to 1,109.60 South Korean won.