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TJ Media swings to loss in Q1

TJ Media Co. Ltd. said its normalized net income for the first quarter came to a loss of 17.77 South Korean won per share, compared with 5.00 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 247.6 million won, compared with income of 74.6 million won in the prior-year period.

The normalized profit margin fell to negative 2.1% from 0.5% in the year-earlier period.

Total revenue decreased 12.4% year over year to 11.91 billion won from 13.59 billion won, and total operating expenses fell 8.2% from the prior-year period to 12.62 billion won from 13.75 billion won.

Reported net income came to a loss of 301.9 million won, or a loss of 21.67 won per share, compared to income of 62.8 million won, or 4.21 won per share, in the prior-year period.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.