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Global Standard Technology swings to loss in Q1

Global Standard Technology Co. Ltd said its normalized net income for the first quarter came to a loss of 64.84 South Korean won per share, compared with 138.16 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 589.9 million won, compared with income of 1.23 billion won in the prior-year period.

The normalized profit margin declined to negative 4.3% from 5.4% in the year-earlier period.

Total revenue declined 41.3% year over year to 13.40 billion won from 22.83 billion won, and total operating expenses fell 30.3% on an annual basis to 14.16 billion won from 20.33 billion won.

Reported net income came to a loss of 973.4 million won, or a loss of 110.44 won per share, compared to income of 1.87 billion won, or 209.84 won per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 1,177.12 South Korean won.