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Samjin LND swings to loss in Q1

Samjin LND Co. Ltd. said its first-quarter normalized net income came to a loss of 67.80 South Korean won per share, compared with 32.32 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 1.51 billion won, compared with income of 675.3 million won in the year-earlier period.

The normalized profit margin dropped to negative 2.6% from 1.2% in the year-earlier period.

Total revenue came to 58.05 billion won, compared with 57.88 billion won in the year-earlier period, and total operating expenses rose year over year to 60.12 billion won from 57.45 billion won.

Reported net income came to a loss of 3.21 billion won, or a loss of 144.16 won per share, compared to income of 1.41 billion won, or 67.36 won per share, in the prior-year period.

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