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S-Mac Q1 loss narrows YOY

S-MAC CO. Ltd. said its first-quarter normalized net income amounted to a loss of 31.55 South Korean won per share, compared with a loss of 53.49 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 2.82 billion won, compared with a loss of 5.01 billion won in the year-earlier period.

The normalized profit margin increased to negative 5.4% from negative 11.1% in the year-earlier period.

Total revenue declined 26.2% on an annual basis to 33.45 billion won from 45.32 billion won, and total operating expenses fell 28.5% on an annual basis to 36.85 billion won from 51.51 billion won.

Reported net income totaled a loss of 738.0 million won, or a loss of 8.25 won per share, compared to a loss of 7.55 billion won, or a loss of 80.58 won per share, in the prior-year period.

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