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Kook Soon Dang Q1 loss widens 89.1% YOY

Kook Soon Dang Co. Ltd. said its normalized net income for the first quarter came to a loss of 24.47 South Korean won per share, compared with a loss of 12.83 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 419.1 million won, compared with a loss of 221.6 million won in the prior-year period.

The normalized profit margin fell to negative 2.2% from negative 1.0% in the year-earlier period.

Total revenue declined on an annual basis to 21.77 billion won from 22.42 billion won, and total operating expenses declined year over year to 22.00 billion won from 22.90 billion won.

Reported net income totaled a loss of 220.1 million won, or a loss of 12.85 won per share, compared to income of 710.7 million won, or 41.14 won per share, in the year-earlier period.

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