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Samhwa Networks Q1 loss widens 36.3% YOY

Samhwa Networks Co. Ltd. said its normalized net income for the first quarter came to a loss of 8.05 South Korean won per share, compared with a loss of 5.89 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 331.6 million won, compared with a loss of 243.4 million won in the prior-year period.

The normalized profit margin fell to negative 6.6% from negative 3.2% in the year-earlier period.

Total revenue decreased 34.8% on an annual basis to 5.01 billion won from 7.69 billion won, and total operating expenses declined 31.9% year over year to 5.63 billion won from 8.26 billion won.

Reported net income totaled a loss of 539.6 million won, or a loss of 13.10 won per share, compared to a loss of 423.2 million won, or a loss of 10.24 won per share, in the prior-year period.

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