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Asia Pacific Satellite swings to loss in Q1

Asia Pacific Satellite Inc. said its first-quarter normalized net income was a loss of 78.44 South Korean won per share, compared with 102.74 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 856.7 million won, compared with income of 1.01 billion won in the prior-year period.

The normalized profit margin dropped to negative 38.3% from 13.3% in the year-earlier period.

Total revenue fell 70.5% on an annual basis to 2.24 billion won from 7.57 billion won, and total operating expenses fell 43.0% on an annual basis to 3.41 billion won from 5.98 billion won.

Reported net income totaled a loss of 1.37 billion won, or a loss of 125.50 won per share, compared to income of 1.61 billion won, or 164.40 won per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 1,141.88 South Korean won.