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J way swings to loss in Q1

J way Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 5.40 South Korean won per share, compared with 23.14 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 52.3 million won, compared with income of 185.4 million won in the year-earlier period.

The normalized profit margin declined to negative 0.1% from 5.5% in the year-earlier period.

Total revenue fell year over year to 3.33 billion won from 3.38 billion won, and total operating expenses climbed year over year to 3.51 billion won from 3.41 billion won.

Reported net income totaled a loss of 83.7 million won, or a loss of 8.64 won per share, compared to income of 296.6 million won, or 37.02 won per share, in the prior-year period.

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