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Snet Systems Co. Ltd. Q1 loss widens YOY

Snet systems Inc said its first-quarter normalized net income amounted to a loss of 92.44 South Korean won per share, compared with a loss of 27.89 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 1.39 billion won, compared with a loss of 415.8 million won in the year-earlier period.

The normalized profit margin fell to negative 11.9% from negative 1.1% in the year-earlier period.

Total revenue decreased 25.8% year over year to 28.27 billion won from 38.10 billion won, and total operating expenses fell 21.0% year over year to 30.84 billion won from 39.05 billion won.

Reported net income came to a loss of 1.79 billion won, or a loss of 119.22 won per share, compared to income of 382.7 million won, or 25.67 won per share, in the year-earlier period.

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