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FN REPUBLIC swings to loss in Q1

FN REPUBLIC Co. Ltd. said its normalized net income for the first quarter was a loss of 63.07 South Korean won per share, compared with 1.25 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 1.49 billion won, compared with income of 28.3 million won in the year-earlier period.

The normalized profit margin dropped to negative 12.9% from 0.6% in the year-earlier period.

Total revenue increased year over year to 11.54 billion won from 4.88 billion won, and total operating expenses rose on an annual basis to 13.59 billion won from 4.86 billion won.

Reported net income totaled a loss of 2.32 billion won, or a loss of 98.51 won per share, compared to income of 45.2 million won, or 2.00 won per share, in the prior-year period.

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