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Digital Multimedia Technology swings to loss in Q1

Digital Multimedia Technology Co.Ltd. said its first-quarter normalized net income amounted to a loss of 60.74 South Korean won per share, compared with 136.99 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 670.2 million won, compared with income of 1.54 billion won in the year-earlier period.

The normalized profit margin declined to negative 5.4% from 4.1% in the year-earlier period.

Total revenue fell 68.1% on an annual basis to 12.02 billion won from 37.64 billion won, and total operating expenses fell 63.3% from the prior-year period to 13.01 billion won from 35.46 billion won.

Reported net income totaled a loss of 895.8 million won, or a loss of 81.18 won per share, compared to income of 2.06 billion won, or 184.16 won per share, in the year-earlier period.

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