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Fine DNC swings to loss in Q1

Fine DNC Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 75.09 South Korean won per share, compared with 5.93 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 1.38 billion won, compared with income of 107.8 million won in the year-earlier period.

The normalized profit margin fell to negative 3.2% from 0.2% in the year-earlier period.

Total revenue declined on an annual basis to 43.54 billion won from 44.78 billion won, and total operating expenses climbed on an annual basis to 45.03 billion won from 43.71 billion won.

Reported net income came to a loss of 1.80 billion won, or a loss of 98.12 won per share, compared to income of 580.5 million won, or 31.92 won per share, in the prior-year period.

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