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FINETEK swings to loss in Q1

FINETEK Co. Ltd. said its normalized net income for the first quarter was a loss of 519.10 South Korean won per share, compared with 687.32 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 3.28 billion won, compared with income of 3.45 billion won in the year-earlier period.

The normalized profit margin dropped to negative 16.1% from 5.4% in the year-earlier period.

Total revenue decreased 68.4% on an annual basis to 20.33 billion won from 64.41 billion won, and total operating expenses fell 56.8% on an annual basis to 25.36 billion won from 58.74 billion won.

Reported net income came to a loss of 5.33 billion won, or a loss of 844.34 won per share, compared to income of 4.74 billion won, or 943.35 won per share, in the year-earlier period.

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