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Hanla IMS swings to loss in Q1

Hanla IMS Co. Ltd. said its first-quarter normalized net income was a loss of 18.10 South Korean won per share, compared with 17.26 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 188.2 million won, compared with income of 168.4 million won in the year-earlier period.

The normalized profit margin dropped to negative 1.7% from 1.6% in the year-earlier period.

Total revenue rose 6.0% year over year to 11.33 billion won from 10.69 billion won, and total operating expenses climbed 6.1% from the prior-year period to 11.71 billion won from 11.04 billion won.

Reported net income came to a loss of 301.5 million won, or a loss of 32.21 won per share, compared to income of 282.9 million won, or 29.01 won per share, in the prior-year period.

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