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Enerzent swings to loss in Q1

Gemvaxzio Co. Ltd. said its first-quarter normalized net income was a loss of 59.97 South Korean won per share, compared with 26.46 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 1.55 billion won, compared with income of 573.0 million won in the year-earlier period.

The normalized profit margin dropped to negative 8.3% from 2.3% in the year-earlier period.

Total revenue declined 23.8% on an annual basis to 18.71 billion won from 24.57 billion won, and total operating expenses declined 13.3% year over year to 20.32 billion won from 23.43 billion won.

Reported net income came to a loss of 2.57 billion won, or a loss of 99.31 won per share, compared to income of 996.2 million won, or 46.00 won per share, in the year-earlier period.

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