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Tae Yang C&L Q1 loss narrows YOY

GenNBio Inc. said its first-quarter normalized net income amounted to a loss of 83.79 South Korean won per share, compared with a loss of 417.69 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 1.68 billion won, compared with a loss of 3.09 billion won in the prior-year period.

The normalized profit margin climbed to 0.1% from negative 10.3% in the year-earlier period.

Total revenue declined 43.9% on an annual basis to 16.91 billion won from 30.14 billion won, and total operating expenses declined 45.8% on an annual basis to 19.04 billion won from 35.12 billion won.

Reported net income totaled a loss of 2.87 billion won, or a loss of 143.18 won per share, compared to a loss of 7.27 billion won, or a loss of 980.94 won per share, in the year-earlier period.

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