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Pixelplus swings to loss in Q1

Pixelplus. Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 251.60 South Korean won per share, compared with 491.94 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 2.05 billion won, compared with income of 3.82 billion won in the year-earlier period.

The normalized profit margin declined to negative 10.2% from 11.8% in the year-earlier period.

Total revenue declined 37.8% on an annual basis to 20.12 billion won from 32.33 billion won, and total operating expenses decreased 11.9% year over year to 23.65 billion won from 26.85 billion won.

Reported net income totaled a loss of 3.34 billion won, or a loss of 408.82 won per share, compared to income of 5.19 billion won, or 667.81 won per share, in the prior-year period.

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