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Nexen Q1 profit falls YOY

Nexen Corp. said its first-quarter normalized net income amounted to 212.12 South Korean won per share, an increase from 206.20 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.79 billion won, a decrease from 11.21 billion won in the year-earlier period.

The normalized profit margin increased to 15.2% from 11.9% in the year-earlier period.

Total revenue declined 24.7% year over year to 71.22 billion won from 94.55 billion won, and total operating expenses decreased 28.6% from the prior-year period to 53.74 billion won from 75.30 billion won.

Reported net income decreased 10.5% year over year to 13.99 billion won, or 274.87 won per share, from 15.62 billion won, or 287.46 won per share.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.