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HANA Micron swings to loss in Q1

HANA Micron Inc. said its first-quarter normalized net income came to a loss of 248.44 South Korean won per share, compared with 110.72 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 5.44 billion won, compared with income of 2.46 billion won in the year-earlier period.

The normalized profit margin declined to negative 12.4% from 3.5% in the year-earlier period.

Total revenue decreased 38.4% on an annual basis to 43.71 billion won from 70.94 billion won, and total operating expenses fell 23.0% year over year to 49.93 billion won from 64.86 billion won.

Reported net income totaled a loss of 7.41 billion won, or a loss of 338.25 won per share, compared to income of 4.03 billion won, or 181.35 won per share, in the prior-year period.

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