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Vessel swings to loss in Q1

Vessel Co. Ltd. said its first-quarter normalized net income came to a loss of 34.03 South Korean won per share, compared with 304.26 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 185.7 million won, compared with income of 1.28 billion won in the year-earlier period.

The normalized profit margin fell to negative 2.6% from 9.7% in the year-earlier period.

Total revenue fell 46.0% year over year to 7.16 billion won from 13.25 billion won, and total operating expenses fell 33.1% year over year to 7.60 billion won from 11.37 billion won.

Reported net income came to a loss of 299.6 million won, or a loss of 54.90 won per share, compared to income of 1.51 billion won, or 358.46 won per share, in the prior-year period.

As of May 12, US$1 was equivalent to 1,167.89 South Korean won.