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Infobank swings to loss in Q1

Infobank Corp. said its normalized net income for the first quarter amounted to a loss of 17.20 South Korean won per share, compared with 7.66 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 141.0 million won, compared with income of 62.2 million won in the prior-year period.

The normalized profit margin fell to negative 0.6% from 0.2% in the year-earlier period.

Total revenue totaled 25.05 billion won, compared with 24.98 billion won in the prior-year period, and total operating expenses came to 25.66 billion won, compared with 25.50 billion won in the year-earlier period.

Reported net income totaled a loss of 183.9 million won, or a loss of 22.43 won per share, compared to a loss of 13.7 million won, or a loss of 1.69 won per share, in the year-earlier period.

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