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Hanchang swings to loss in Q1

Hanchang Corp. said its first-quarter normalized net income was a loss of 25.72 South Korean won per share, compared with 5.79 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 841.8 million won, compared with income of 176.4 million won in the year-earlier period.

The normalized profit margin declined to negative 9.6% from 4.4% in the year-earlier period.

Total revenue rose year over year to 8.80 billion won from 3.99 billion won, and total operating expenses grew year over year to 10.90 billion won from 3.87 billion won.

Reported net income totaled a loss of 1.61 billion won, or a loss of 49.30 won per share, compared to income of 236.6 million won, or 7.77 won per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 1,177.43 South Korean won.