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Cheong Bo Industrial Q1 loss widens 75.6% YOY

Cheong Bo Industrial Co. Ltd. said its normalized net income for the first quarter came to a loss of 29.13 South Korean won per share, compared with a loss of 16.76 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 164.7 million won, compared with a loss of 93.8 million won in the year-earlier period.

The normalized profit margin fell to negative 1.8% from negative 1.5% in the year-earlier period.

Total revenue decreased 8.7% on an annual basis to 5.63 billion won from 6.17 billion won, and total operating expenses declined 8.4% from the prior-year period to 5.62 billion won from 6.13 billion won.

Reported net income totaled a loss of 237.6 million won, or a loss of 44.97 won per share, compared to a loss of 40.0 million won, or a loss of 7.15 won per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.