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Hanp swings to loss in Q1

Hanp Inc. said its first-quarter normalized net income was a loss of 15.96 South Korean won per share, compared with 536.59 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 267.2 million won, compared with income of 7.41 billion won in the prior-year period.

The normalized profit margin dropped to negative 5.9% from 113.1% in the year-earlier period.

Total revenue decreased 22.6% on an annual basis to 5.07 billion won from 6.55 billion won, and total operating expenses declined 29.2% from the prior-year period to 5.24 billion won from 7.41 billion won.

Reported net income totaled a loss of 166.4 million won, or a loss of 9.94 won per share, compared to income of 11.85 billion won, or 858.54 won per share, in the prior-year period.

As of May 11, US$1 was equivalent to 1,163.58 South Korean won.