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Sejong Telecom Q1 loss narrows YOY

Sejong Telecom Inc. said its normalized net income for the first quarter was a loss of 80 South Korean chon per share, compared with a loss of 5.03 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 157.8 million won, compared with a loss of 1.95 billion won in the prior-year period.

The normalized profit margin climbed to negative 0.3% from negative 8.8% in the year-earlier period.

Total revenue climbed on an annual basis to 49.44 billion won from 22.11 billion won, and total operating expenses grew 92.5% from the prior-year period to 48.94 billion won from 25.43 billion won.

Reported net income totaled 511.8 million won, or 2.58 won per share, compared to a loss of 2.72 billion won, or a loss of 7.00 won per share, in the year-earlier period.

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