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SJM Holdings Q1 profit falls YOY

SJM Holdings Co. Ltd. said its first-quarter normalized net income was 121.62 South Korean won per share, a decline of 36.6% from 191.94 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 1.65 billion won, a decline of 36.5% from 2.60 billion won in the prior-year period.

The normalized profit margin declined to 3.5% from 6.1% in the year-earlier period.

Total revenue grew 9.1% year over year to 46.79 billion won from 42.89 billion won, and total operating expenses grew 12.8% on an annual basis to 40.62 billion won from 36.00 billion won.

Reported net income increased 7.1% year over year to 2.72 billion won, or 200.99 won per share, from 2.54 billion won, or 188.02 won per share.

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