Woori Finance returns to profit in Q4

SEOUL, Feb. 10 (Yonhap) -- Woori Finance Holdings Co. said Wednesday it swung to
a profit in the fourth quarter from a year earlier due to lower loan-loss
reserves.

Net profit stood at 156.8 billion won (US$135.1 million) in the October-December
period, a turnaround from a loss of 664.8 billion won a year earlier, the group
said in a regulatory filing. But compared with three months earlier, net income
declined 67.6 percent, hit by its exposure to ailing Kumho Asiana Group.
For the whole year of 2009, the group's earnings jumped 126 percent to 1.03
trillion won.
Revenue plunged 78.9 percent on-year to 8.26 trillion won while operating profit
came to 190.5 billion won, South Korea's No. 2 financial services company said.
sooyeon@yna.co.kr
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