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Daegu Department Store fiscal Q1 profit falls YOY

Daegu Department Store Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 47.23 South Korean won per share, a decline of 73.8% from 180.59 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 426.1 million won, a decrease of 73.7% from 1.62 billion won in the prior-year period.

The normalized profit margin declined to 1.1% from 4.1% in the year-earlier period.

Total revenue declined 5.5% on an annual basis to 37.67 billion won from 39.85 billion won, and total operating expenses declined 5.6% from the prior-year period to 36.19 billion won from 38.33 billion won.

Reported net income decreased 24.9% from the prior-year period to 1.07 billion won, or 118.07 won per share, from 1.42 billion won, or 158.06 won per share.

As of Aug. 27, US$1 was equivalent to 1,014.57 South Korean won.