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Wave Electronics Q1 loss widens 43.5% YOY

Wave Electronics Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 112.26 South Korean won per share, compared with a loss of 83.35 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 1.09 billion won, compared with a loss of 756.4 million won in the year-earlier period.

The normalized profit margin declined to negative 18.6% from negative 8.3% in the year-earlier period.

Total revenue declined 36.4% year over year to 5.82 billion won from 9.16 billion won, and total operating expenses declined 27.7% on an annual basis to 7.29 billion won from 10.08 billion won.

Reported net income came to a loss of 1.75 billion won, or a loss of 180.69 won per share, compared to a loss of 566.8 million won, or a loss of 62.46 won per share, in the prior-year period.

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