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CODI-M swings to loss in Q1

CODI-M Co. LTD. said its first-quarter normalized net income was a loss of 10.64 South Korean won per share, compared with 13.43 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 727.9 million won, compared with income of 483.7 million won in the year-earlier period.

The normalized profit margin fell to negative 29.4% from 3.2% in the year-earlier period.

Total revenue decreased 86.8% year over year to 1.96 billion won from 14.91 billion won, and total operating expenses decreased 77.7% from the prior-year period to 3.13 billion won from 14.05 billion won.

Reported net income totaled a loss of 1.12 billion won, or a loss of 19.63 won per share, compared to income of 564.2 million won, or 15.67 won per share, in the prior-year period.

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