ID :
198678
Tue, 08/02/2011 - 10:56
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https://oananews.org//node/198678
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Woori Finance swings to profit in Q2
SEOUL, Aug. 2 (Yonhap) -- Woori Finance Holdings Co., South Korea's top banking group by assets, said Tuesday that it returned to profit in the second quarter on a sharp rise in non-interest income.
Net profit came to 791 billion won (US$752 million) in the April-June period, a sharp turnaround from a net loss of 338 billion won a year earlier, the group said in a regulatory filing.
Revenue, however, fell 17.2 percent on-year to 8.6 trillion won, and operating profit came in at 1.21 trillion won, a turnaround from a 356 billion won operating loss a year earlier.
In the first half of the year, net income reached 1.29 trillion won, compared with a 754 billion won profit a year earlier, it added.
Shares of Woori Finance fell 2.11 percent to close at 13,950 won on the Seoul bourse. The results were announced after the stock market closed.
The group, which the government is seeking to privatize, said its stronger bottom line was due mainly to the proceeds from the sale of its stake in Hyundai Engineering & Construction Co. The April sale fetched around 955 billion won.
Net profit came to 791 billion won (US$752 million) in the April-June period, a sharp turnaround from a net loss of 338 billion won a year earlier, the group said in a regulatory filing.
Revenue, however, fell 17.2 percent on-year to 8.6 trillion won, and operating profit came in at 1.21 trillion won, a turnaround from a 356 billion won operating loss a year earlier.
In the first half of the year, net income reached 1.29 trillion won, compared with a 754 billion won profit a year earlier, it added.
Shares of Woori Finance fell 2.11 percent to close at 13,950 won on the Seoul bourse. The results were announced after the stock market closed.
The group, which the government is seeking to privatize, said its stronger bottom line was due mainly to the proceeds from the sale of its stake in Hyundai Engineering & Construction Co. The April sale fetched around 955 billion won.
