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Daemyung Q1 loss narrows YOY

Daemyung Corporation Co.Ltd. said its normalized net income for the first quarter was a loss of 2.65 South Korean won per share, compared with a loss of 13.06 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 254.4 million won, compared with a loss of 1.30 billion won in the prior-year period.

The normalized profit margin rose to 0.7% from negative 2.8% in the year-earlier period.

Total revenue totaled 45.95 billion won, compared with 45.53 billion won in the year-earlier period, and total operating expenses decreased year over year to 46.53 billion won from 47.87 billion won.

Reported net income came to a loss of 418.8 million won, or a loss of 4.37 won per share, compared to a loss of 1.94 billion won, or a loss of 19.50 won per share, in the year-earlier period.

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