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Omnitel swings to loss in Q1

Omnitel Inc. said its first-quarter normalized net income came to a loss of 20.25 South Korean won per share, compared with 5.63 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 324.6 million won, compared with income of 90.5 million won in the prior-year period.

The normalized profit margin declined to negative 6.1% from 1.3% in the year-earlier period.

Total revenue declined 23.5% year over year to 5.28 billion won from 6.91 billion won, and total operating expenses fell 13.9% from the prior-year period to 5.83 billion won from 6.77 billion won.

Reported net income totaled a loss of 513.1 million won, or a loss of 33.88 won per share, compared to income of 144.8 million won, or 9.00 won per share, in the year-earlier period.

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