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Eyesvision swings to loss in Q1

Eyesvision Corp. said its first-quarter normalized net income came to a loss of 20.36 South Korean won per share, compared with 1.83 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 305.1 million won, compared with income of 32.1 million won in the prior-year period.

The normalized profit margin dropped to negative 0.9% from 0.1% in the year-earlier period.

Total revenue increased 19.4% year over year to 32.88 billion won from 27.53 billion won, and total operating expenses grew 20.7% year over year to 33.23 billion won from 27.52 billion won.

Reported net income totaled a loss of 490.2 million won, or a loss of 32.71 won per share, compared to income of 82.4 million won, or 4.68 won per share, in the year-earlier period.

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