KC Feed Co. Ltd. said its first-quarter normalized net income came to a loss of 14.12 South Korean won per share, compared with a loss of 39.67 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 170.3 million won, compared with a loss of 473.6 million won in the year-earlier period.

The normalized profit margin rose to negative 0.7% from negative 2.0% in the year-earlier period.

Total revenue fell on an annual basis to 23.10 billion won from 23.46 billion won, and total operating expenses declined from the prior-year period to 23.23 billion won from 24.07 billion won.

Reported net income totaled a loss of 558.8 million won, or a loss of 46.35 won per share, compared to a loss of 1.04 billion won, or a loss of 86.90 won per share, in the prior-year period.

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