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HYUNGJI Innovation swings to loss in Q1

HYUNGJI Innovation & Creative Co. Ltd. said its normalized net income for the first quarter was a loss of 4.20 South Korean won per share, compared with 1.12 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 137.3 million won, compared with income of 35.0 million won in the year-earlier period.

The normalized profit margin declined to negative 0.4% from 0.2% in the year-earlier period.

Total revenue climbed 78.5% year over year to 29.89 billion won from 16.74 billion won, and total operating expenses climbed 80.4% on an annual basis to 29.90 billion won from 16.57 billion won.

Reported net income came to a loss of 218.0 million won, or a loss of 6.67 won per share, compared to income of 85.7 million won, or 2.75 won per share, in the prior-year period.

As of May 19, US$1 was equivalent to 1,095.06 South Korean won.