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E-LITECOM CO. swings to loss in Q1

e-LITECOM CO. Ltd. said its first-quarter normalized net income came to a loss of 96.91 South Korean won per share, compared with 774.37 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 1.18 billion won, compared with income of 9.44 billion won in the year-earlier period.

The normalized profit margin dropped to negative 1.6% from 5.7% in the year-earlier period.

Total revenue decreased 56.7% on an annual basis to 72.20 billion won from 166.63 billion won, and total operating expenses fell 52.2% from the prior-year period to 73.48 billion won from 153.59 billion won.

Reported net income came to a loss of 2.03 billion won, or a loss of 166.47 won per share, compared to income of 11.89 billion won, or 974.96 won per share, in the year-earlier period.

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