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Mirae swings to loss in Q1

Mirae Corp. said its normalized net income for the first quarter came to a loss of 1.38 South Korean won per share, compared with 59 chon 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 690.3 million won, compared with income of 284.4 million won in the year-earlier period.

The normalized profit margin fell to negative 11.8% from 2.7% in the year-earlier period.

Total revenue declined 44.3% on an annual basis to 5.86 billion won from 10.53 billion won, and total operating expenses decreased 35.4% on an annual basis to 6.72 billion won from 10.39 billion won.

Reported net income totaled a loss of 1.10 billion won, or a loss of 2.20 won per share, compared to income of 463.8 million won, or 96 chon per share, in the prior-year period.

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