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Exicon swings to loss in Q1

Exicon Co. Ltd. said its first-quarter normalized net income amounted to a loss of 137.57 South Korean won per share, compared with 250.47 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 1.22 billion won, compared with income of 1.71 billion won in the prior-year period.

The normalized profit margin fell to negative 26.9% from 10.3% in the year-earlier period.

Total revenue declined 72.6% year over year to 4.54 billion won from 16.60 billion won, and total operating expenses decreased 52.6% from the prior-year period to 6.55 billion won from 13.82 billion won.

Reported net income came to a loss of 1.74 billion won, or a loss of 196.19 won per share, compared to income of 2.89 billion won, or 423.84 won per share, in the prior-year period.

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