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Hwajin Q1 profit falls YOY

Hwajin Co. Ltd. said its first-quarter normalized net income amounted to 79.60 South Korean won per share, a decline of 13.4% from 91.91 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 1.96 billion won, a decline of 13.3% from 2.26 billion won in the year-earlier period.

The normalized profit margin fell to 6.9% from 7.5% in the year-earlier period.

Total revenue decreased 5.2% on an annual basis to 28.50 billion won from 30.07 billion won, and total operating expenses decreased from the prior-year period to 25.68 billion won from 26.45 billion won.

Reported net income declined 20.9% year over year to 2.37 billion won, or 95.98 won per share, from 2.99 billion won, or 121.51 won per share.

As of May 13, US$1 was equivalent to 1,091.95 South Korean won.