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Cosmo AM&T Q1 loss narrows YOY

Cosmo Advanced Materials & Technology Co. Ltd. said its normalized net income for the first quarter came to a loss of 20.38 South Korean won per share, compared with a loss of 76.86 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 305.4 million won, compared with a loss of 1.15 billion won in the prior-year period.

The normalized profit margin increased to negative 0.8% from negative 3.1% in the year-earlier period.

Total revenue grew 7.3% year over year to 39.66 billion won from 36.95 billion won, and total operating expenses increased from the prior-year period to 38.61 billion won from 37.07 billion won.

Reported net income totaled a loss of 484.1 million won, or a loss of 32.30 won per share, compared to a loss of 2.67 billion won, or a loss of 178.00 won per share, in the prior-year period.

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