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ELK Corp. Q1 loss widens YOY

ELK Corp. said its first-quarter normalized net income came to a loss of 339.83 South Korean won per share, compared with a loss of 43.66 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 5.84 billion won, compared with a loss of 905.8 million won in the prior-year period.

The normalized profit margin dropped to negative 15.0% from negative 1.4% in the year-earlier period.

Total revenue fell 41.7% year over year to 39.01 billion won from 66.96 billion won, and total operating expenses fell 30.5% on an annual basis to 46.53 billion won from 66.97 billion won.

Reported net income came to a loss of 9.23 billion won, or a loss of 536.62 won per share, compared to a loss of 1.48 billion won, or a loss of 71.23 won per share, in the year-earlier period.

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