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Shinhwa Contech swings to loss in Q1

Shinhwa Contech Co. Ltd said its normalized net income for the first quarter was a loss of 133.38 South Korean won per share, compared with 5.93 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 1.09 billion won, compared with income of 45.0 million won in the prior-year period.

The normalized profit margin fell to negative 17.6% from 0.4% in the year-earlier period.

Total revenue fell 42.3% year over year to 6.23 billion won from 10.80 billion won, and total operating expenses declined 27.3% year over year to 7.80 billion won from 10.73 billion won.

Reported net income totaled a loss of 1.42 billion won, or a loss of 194.27 won per share, compared to income of 74.4 million won, or 9.81 won per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 1,177.12 South Korean won.