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Genesem swings to loss in Q1

Genesem Inc. said its normalized net income for the first quarter was a loss of 15.04 South Korean won per share, compared with 40.63 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 131.9 million won, compared with income of 86.1 million won in the year-earlier period.

The normalized profit margin dropped to negative 3.3% from 1.9% in the year-earlier period.

Total revenue declined 9.1% year over year to 4.23 billion won from 4.65 billion won, and total operating expenses decreased from the prior-year period to 4.38 billion won from 4.43 billion won.

Reported net income totaled a loss of 211.9 million won, or a loss of 24.16 won per share, compared to income of 137.8 million won, or 65.00 won per share, in the prior-year period.

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