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Pyung Hwa Holdings swings to loss in Q1

Pyung Hwa Holdings Co. Ltd. said its first-quarter normalized net income was a loss of 4.54 South Korean won per share, compared with 37.88 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 65.4 million won, compared with income of 544.0 million won in the prior-year period.

The normalized profit margin declined to negative 0.0% from 0.4% in the year-earlier period.

Total revenue declined on an annual basis to 138.28 billion won from 140.97 billion won, and total operating expenses decreased year over year to 137.57 billion won from 140.60 billion won.

Reported net income grew on an annual basis to 4.40 billion won, or 306.00 won per share, from 776.6 million won, or 54.09 won per share.

As of June 26, US$1 was equivalent to 1,122.58 South Korean won.