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WINPAC Q1 loss widens YOY

WINPAC Inc. said its first-quarter normalized net income amounted to a loss of 139.44 South Korean won per share, compared with a loss of 56.23 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 2.20 billion won, compared with a loss of 798.5 million won in the year-earlier period.

The normalized profit margin dropped to negative 28.1% from negative 6.4% in the year-earlier period.

Total revenue fell 37.1% on an annual basis to 7.82 billion won from 12.43 billion won, and total operating expenses decreased 18.2% year over year to 10.87 billion won from 13.29 billion won.

Reported net income totaled a loss of 3.52 billion won, or a loss of 223.10 won per share, compared to a loss of 1.27 billion won, or a loss of 89.60 won per share, in the year-earlier period.

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