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Winix Q1 profit falls YOY

Winix Inc. said its first-quarter normalized net income was 64.17 South Korean won per share, a decline of 69.3% from 208.86 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 981.7 million won, a decline of 62.3% from 2.60 billion won in the prior-year period.

The normalized profit margin declined to 2.2% from 4.7% in the year-earlier period.

Total revenue fell 21.6% year over year to 43.68 billion won from 55.68 billion won, and total operating expenses declined 16.8% from the prior-year period to 42.68 billion won from 51.28 billion won.

Reported net income decreased 72.2% on an annual basis to 994.4 million won, or 61.54 won per share, from 3.58 billion won, or 287.23 won per share.

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