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CTL.Inc. swings to loss in Q1

CTGen Co.Ltd. said its normalized net income for the first quarter was a loss of 15.88 South Korean won per share, compared with 51.28 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 382.5 million won, compared with income of 783.1 million won in the year-earlier period.

The normalized profit margin declined to negative 8.6% from 16.0% in the year-earlier period.

Total revenue declined 9.7% on an annual basis to 4.42 billion won from 4.89 billion won, and total operating expenses grew 5.0% year over year to 4.39 billion won from 4.18 billion won.

Reported net income came to a loss of 706.9 million won, or a loss of 29.33 won per share, compared to income of 996.3 million won, or 65.25 won per share, in the prior-year period.

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