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Woongjin Energy Q1 loss widens YOY

Woongjin Energy Co. Ltd. said its normalized net income for the first quarter was a loss of 914.98 South Korean won per share, compared with a loss of 195.02 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 7.62 billion won, compared with a loss of 1.44 billion won in the year-earlier period.

The normalized profit margin declined to negative 17.8% from negative 2.5% in the year-earlier period.

Total revenue declined 24.7% year over year to 42.88 billion won from 56.97 billion won, and total operating expenses decreased 6.3% year over year to 52.30 billion won from 55.81 billion won.

Reported net income came to a loss of 12.19 billion won, or a loss of 1,463.97 won per share, compared to a loss of 2.31 billion won, or a loss of 312.02 won per share, in the year-earlier period.

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