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Sapphire Technology Q1 loss widens YOY

Sapphire Technology Co. Ltd said its normalized net income for the first quarter amounted to a loss of 249.64 South Korean won per share, compared with a loss of 94.91 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 2.08 billion won, compared with a loss of 776.5 million won in the prior-year period.

The normalized profit margin fell to negative 69.7% from negative 6.4% in the year-earlier period.

Total revenue declined 75.6% on an annual basis to 2.98 billion won from 12.21 billion won, and total operating expenses declined 46.7% year over year to 6.48 billion won from 12.16 billion won.

Reported net income totaled a loss of 3.51 billion won, or a loss of 421.36 won per share, compared to a loss of 716.7 million won, or a loss of 87.60 won per share, in the year-earlier period.

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