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Hisem Q1 loss widens YOY

Hisem Co. Ltd. said its first-quarter normalized net income amounted to a loss of 64.85 South Korean won per share, compared with a loss of 15.97 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 1.14 billion won, compared with a loss of 282.4 million won in the prior-year period.

The normalized profit margin dropped to negative 33.2% from negative 4.7% in the year-earlier period.

Total revenue decreased 42.7% on an annual basis to 3.42 billion won from 5.98 billion won, and total operating expenses declined 17.6% from the prior-year period to 5.25 billion won from 6.37 billion won.

Reported net income totaled a loss of 1.40 billion won, or a loss of 79.66 won per share, compared to income of 459.6 million won, or 26.00 won per share, in the prior-year period.

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