Woori Finance Q1 net plunges 70 pct

SEOUL, May 7 (Yonhap) -- Woori Finance Holdings Co., South Korea's top financial
service company, said Thursday its first-quarter earnings plunged 70.3 percent
due mainly to higher loan-loss reserves.
Net income stood at 162.28 billion won (US$128.4 million) in the January-March
period, compared with a profit of 546.28 billion won a year earlier, Woori
Finance said in a statement.
Revenue grew 75.3 percent on-year to 24.24 trillion won while operating profit
slid 63 percent to 290.89 billion won, it said.
The state-owned company, however, swung to the black in the first quarter from a
net loss of 664.8 billion won the previous quarter.
Flagship unit Woori Bank's first-quarter earnings fell 62 percent to 167.45
billion won from a year earlier, after posting a net loss of 691.14 billion won
in the fourth quarter.
The lender's revenue came in at 21.42 trillion won in the first quarter, up 88
percent on-year with operating profit dropping 66 percent to 186.84 billion won
over the cited period.
pbr@yna.co.kr
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