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APS Holdings swings to loss in Q1

APS Holdings Corp. said its first-quarter normalized net income came to a loss of 75.55 South Korean won per share, compared with 132.72 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 1.74 billion won, compared with income of 2.79 billion won in the prior-year period.

The normalized profit margin declined to negative 6.4% from 3.5% in the year-earlier period.

Total revenue fell 44.5% year over year to 44.28 billion won from 79.75 billion won, and total operating expenses decreased 32.0% on an annual basis to 50.61 billion won from 74.41 billion won.

Reported net income totaled a loss of 2.07 billion won, or a loss of 89.76 won per share, compared to income of 3.33 billion won, or 158.52 won per share, in the year-earlier period.

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