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ED Co. Ltd. Q1 loss widens 71.8% YOY

Cornerstone Networks CO. LTD said its normalized net income for the first quarter came to a loss of 34.60 South Korean won per share, compared with a loss of 21.16 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 881.8 million won, compared with a loss of 513.1 million won in the year-earlier period.

The normalized profit margin declined to negative 54.5% from negative 16.0% in the year-earlier period.

Total revenue fell 52.2% year over year to 1.54 billion won from 3.21 billion won, and total operating expenses declined 28.7% year over year to 2.90 billion won from 4.06 billion won.

Reported net income came to a loss of 1.50 billion won, or a loss of 58.97 won per share, compared to a loss of 815.0 million won, or a loss of 33.61 won per share, in the prior-year period.

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