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IM Co. Ltd. swings to loss in Q1

IM Co.Ltd said its first-quarter normalized net income amounted to a loss of 119.76 South Korean won per share, compared with 61.48 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 2.22 billion won, compared with income of 1.10 billion won in the prior-year period.

The normalized profit margin dropped to negative 4.3% from 1.7% in the year-earlier period.

Total revenue decreased 20.0% year over year to 51.65 billion won from 64.57 billion won, and total operating expenses declined 13.6% year over year to 54.32 billion won from 62.91 billion won.

Reported net income came to a loss of 3.95 billion won, or a loss of 213.10 won per share, compared to income of 1.53 billion won, or 85.26 won per share, in the year-earlier period.

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