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ShinWon swings to loss in Q1

ShinWon Corp. said its normalized net income for the first quarter was a loss of 7.84 South Korean won per share, compared with 47.63 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 439.2 million won, compared with income of 2.56 billion won in the prior-year period.

The normalized profit margin declined to negative 0.3% from 1.8% in the year-earlier period.

Total revenue climbed on an annual basis to 146.35 billion won from 140.93 billion won, and total operating expenses climbed 6.2% on an annual basis to 144.44 billion won from 136.02 billion won.

Reported net income totaled a loss of 2.04 billion won, or a loss of 36.33 won per share, compared to income of 3.11 billion won, or 57.85 won per share, in the year-earlier period.

As of May 22, US$1 was equivalent to 1,094.56 South Korean won.