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Global Display Q1 loss widens YOY

Global Display Co.Ltd. said its first-quarter normalized net income was a loss of 194.18 South Korean won per share, compared with a loss of 33.41 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 3.53 billion won, compared with a loss of 603.6 million won in the prior-year period.

The normalized profit margin fell to negative 33.1% from negative 4.4% in the year-earlier period.

Total revenue fell 22.9% on an annual basis to 10.67 billion won from 13.83 billion won, and total operating expenses fell 14.4% on an annual basis to 13.17 billion won from 15.39 billion won.

Reported net income came to a loss of 3.65 billion won, or a loss of 200.52 won per share, compared to a loss of 378.9 million won, or a loss of 20.98 won per share, in the prior-year period.

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