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Entermate swings to loss in Q1

Entermate Co.Ltd. said its first-quarter normalized net income amounted to a loss of 5.55 South Korean won per share, compared with 5.32 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 145.2 million won, compared with income of 109.7 million won in the year-earlier period.

The normalized profit margin declined to negative 3.5% from 1.7% in the year-earlier period.

Total revenue fell 32.2% year over year to 4.41 billion won from 6.50 billion won, and total operating expenses declined 26.1% on an annual basis to 4.76 billion won from 6.44 billion won.

Reported net income came to a loss of 184.6 million won, or a loss of 7.06 won per share, compared to income of 79.2 million won, or 3.84 won per share, in the year-earlier period.

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