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ILJIN Display swings to loss in Q1

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ILJIN Display swings to loss in Q1

ILJIN Display Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 210.00 South Korean won per share, compared with 22.97 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 5.93 billion won, compared with income of 649.2 million won in the year-earlier period.

The normalized profit margin fell to negative 11.6% from 0.7% in the year-earlier period.

Total revenue fell 46.3% on an annual basis to 51.06 billion won from 95.17 billion won, and total operating expenses declined 37.3% on an annual basis to 58.95 billion won from 94.03 billion won.

Reported net income came to a loss of 11.44 billion won, or a loss of 405.05 won per share, compared to income of 876.2 million won, or 31.00 won per share, in the prior-year period.

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