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RSUPPORT swings to loss in Q1

RSUPPORT Co. Ltd. said its normalized net income for the first quarter was a loss of 12.81 South Korean won per share, compared with 3.39 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 674.8 million won, compared with income of 168.9 million won in the year-earlier period.

The normalized profit margin fell to negative 16.1% from 3.3% in the year-earlier period.

Total revenue declined 18.9% on an annual basis to 4.19 billion won from 5.16 billion won, and total operating expenses grew 12.1% from the prior-year period to 5.62 billion won from 5.01 billion won.

Reported net income totaled a loss of 1.08 billion won, or a loss of 20.50 won per share, compared to income of 223.2 million won, or 4.48 won per share, in the year-earlier period.

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