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Jaeyoung Solutec Q1 loss widens YOY

Jaeyoung Solutec Co. Ltd. said its normalized net income for the first quarter was a loss of 37.69 South Korean won per share, compared with a loss of 9.35 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 1.20 billion won, compared with a loss of 299.1 million won in the year-earlier period.

The normalized profit margin dropped to negative 4.6% from negative 0.7% in the year-earlier period.

Total revenue declined 36.1% on an annual basis to 26.37 billion won from 41.30 billion won, and total operating expenses declined 35.3% from the prior-year period to 27.10 billion won from 41.88 billion won.

Reported net income totaled a loss of 1.91 billion won, or a loss of 59.98 won per share, compared to a loss of 574.3 million won, or a loss of 17.95 won per share, in the year-earlier period.

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