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Telcon swings to loss in Q1

TELCON RF PHARMACEUTICAL. Inc. said its first-quarter normalized net income amounted to a loss of 57.78 South Korean won per share, compared with 54.12 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 290.2 million won, compared with income of 274.5 million won in the year-earlier period.

The normalized profit margin fell to negative 4.6% from 2.9% in the year-earlier period.

Total revenue decreased 32.9% on an annual basis to 6.27 billion won from 9.35 billion won, and total operating expenses decreased 25.3% year over year to 6.83 billion won from 9.14 billion won.

Reported net income came to a loss of 464.3 million won, or a loss of 92.46 won per share, compared to income of 328.4 million won, or 64.77 won per share, in the prior-year period.

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