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Korea Kolmar Holdings swings to loss in Q1

Korea Kolmar Holdings Co. Ltd. said its normalized net income for the first quarter was a loss of 62.66 South Korean won per share, compared with 96.93 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 1.02 billion won, compared with income of 1.58 billion won in the prior-year period.

The normalized profit margin fell to negative 1.6% from 3.2% in the year-earlier period.

Total revenue grew 42.3% on an annual basis to 70.72 billion won from 49.70 billion won, and total operating expenses increased 35.3% from the prior-year period to 60.10 billion won from 44.43 billion won.

Reported net income totaled a loss of 7.30 billion won, or a loss of 447.80 won per share, compared to income of 3.39 billion won, or 208.61 won per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 1,091.95 South Korean won.