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Seoul Broadcasting System Q1 loss widens YOY

Seoul Broadcasting System said its normalized net income for the first quarter amounted to a loss of 517.44 South Korean won per share, compared with a loss of 75.09 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 9.35 billion won, compared with a loss of 1.36 billion won in the year-earlier period.

The normalized profit margin dropped to negative 5.7% from negative 0.8% in the year-earlier period.

Total revenue decreased on an annual basis to 162.92 billion won from 167.88 billion won, and total operating expenses increased 7.3% from the prior-year period to 183.81 billion won from 171.32 billion won.

Reported net income came to a loss of 10.50 billion won, or a loss of 581.40 won per share, compared to a loss of 1.75 billion won, or a loss of 96.89 won per share, in the prior-year period.

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