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Pusan Cast Iron swings to loss in Q1

Pusan Cast Iron Co. Ltd. said its normalized net income for the first quarter came to a loss of 40.37 South Korean won per share, compared with 45.34 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 a loss of 478.0 million won, compared with income of 537.0 million won in the year-earlier period.

The normalized profit margin dropped to negative 1.0% from 1.0% in the year-earlier period.

Total revenue fell 5.1% year over year to 49.25 billion won from 51.88 billion won, and total operating expenses declined from the prior-year period to 49.10 billion won from 50.02 billion won.

Reported net income totaled a loss of 737.7 million won, or a loss of 62.30 won per share, compared to income of 651.4 million won, or 55.00 won per share, in the year-earlier period.

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