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Incon swings to loss in Q1

Incon Co. Ltd. said its first-quarter normalized net income came to a loss of 18.44 South Korean won per share, compared with 5.34 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 463.7 million won, compared with income of 117.1 million won in the prior-year period.

The normalized profit margin declined to negative 5.2% from 1.7% in the year-earlier period.

Total revenue fell on an annual basis to 6.73 billion won from 6.96 billion won, and total operating expenses grew 10.1% on an annual basis to 7.51 billion won from 6.82 billion won.

Reported net income came to a loss of 491.4 million won, or a loss of 19.54 won per share, compared to income of 350.0 million won, or 15.96 won per share, in the year-earlier period.

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