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Signetics Q1 loss widens YOY

Signetics Corp. said its first-quarter normalized net income amounted to a loss of 49.66 South Korean won per share, compared with a loss of 10.12 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 4.26 billion won, compared with a loss of 867.9 million won in the year-earlier period.

The normalized profit margin declined to negative 12.6% from negative 1.7% in the year-earlier period.

Total revenue declined 35.5% year over year to 33.66 billion won from 52.22 billion won, and total operating expenses fell 21.9% from the prior-year period to 40.25 billion won from 51.52 billion won.

Reported net income came to a loss of 5.67 billion won, or a loss of 66.12 won per share, compared to a loss of 2.47 billion won, or a loss of 28.79 won per share, in the year-earlier period.

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