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Magic Micro swings to loss in Q1

Magicmicro Co.Ltd. said its normalized net income for the first quarter amounted to a loss of 25.52 South Korean won per share, compared with 72.35 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 797.5 million won, compared with income of 1.46 billion won in the year-earlier period.

The normalized profit margin dropped to negative 4.6% from 11.1% in the year-earlier period.

Total revenue increased 31.1% year over year to 17.19 billion won from 13.11 billion won, and total operating expenses increased 73.1% year over year to 18.73 billion won from 10.82 billion won.

Reported net income totaled a loss of 1.27 billion won, or a loss of 40.81 won per share, compared to income of 2.23 billion won, or 110.60 won per share, in the prior-year period.

As of May 30, US$1 was equivalent to 1,190.50 South Korean won.