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Tongyang Networks swings to loss in Q1

TONGYANG Networks Co. Ltd. said its normalized net income for the first quarter was a loss of 4.49 South Korean won per share, compared with 14.85 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 237.1 million won, compared with income of 478.1 million won in the prior-year period.

The normalized profit margin dropped to negative 1.0% from 1.8% in the year-earlier period.

Total revenue declined 7.1% year over year to 24.37 billion won from 26.22 billion won, and total operating expenses rose on an annual basis to 24.95 billion won from 24.66 billion won.

Reported net income totaled a loss of 315.8 million won, or a loss of 5.99 won per share, compared to income of 658.3 million won, or 20.44 won per share, in the year-earlier period.

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