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Hwaseung Industries swings to profit in Q1

Hwaseung Industries Co. Ltd. said its normalized net income for the first quarter amounted to 6.90 South Korean won per share, compared with a loss of 19.76 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 379.5 million won, compared with a loss of 2.11 billion won in the prior-year period.

The normalized profit margin rose to 0.3% from negative 1.6% in the year-earlier period.

Total revenue grew 9.9% on an annual basis to 141.24 billion won from 128.50 billion won, and total operating expenses increased 5.7% on an annual basis to 138.17 billion won from 130.74 billion won.

Reported net income came to 1.44 billion won, or 26.12 won per share, compared to a loss of 3.18 billion won, or a loss of 29.80 won per share, in the prior-year period.

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