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Leed Corp. swings to loss in Q1

Leed Corp. said its normalized net income for the first quarter was a loss of 8.13 South Korean won per share, compared with 11.53 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 296.9 million won, compared with income of 347.9 million won in the year-earlier period.

The normalized profit margin declined to negative 5.9% from 3.2% in the year-earlier period.

Total revenue fell 53.4% on an annual basis to 5.00 billion won from 10.73 billion won, and total operating expenses declined 49.5% on an annual basis to 5.20 billion won from 10.30 billion won.

Reported net income came to a loss of 390.3 million won, or a loss of 10.68 won per share, compared to income of 571.0 million won, or 18.93 won per share, in the year-earlier period.

As of May 17, US$1 was equivalent to 1,173.62 South Korean won.