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Imagine Asia swings to loss in Q1

IMAGINE ASIA Co.Ltd. said its normalized net income for the first quarter came to a loss of 36.24 South Korean won per share, compared with 33.04 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 614.7 million won, compared with income of 443.7 million won in the prior-year period.

The normalized profit margin dropped to negative 7.3% from 2.4% in the year-earlier period.

Total revenue decreased 54.0% on an annual basis to 8.39 billion won from 18.25 billion won, and total operating expenses declined 48.4% from the prior-year period to 9.05 billion won from 17.53 billion won.

Reported net income came to a loss of 932.7 million won, or a loss of 54.98 won per share, compared to income of 1.08 billion won, or 80.06 won per share, in the prior-year period.

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