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Golfzonyouwonholdings swings to loss in Q1

Golfzonyouwonholdings Co. Ltd. said its first-quarter normalized net income was a loss of 164.93 South Korean won per share, compared with 184.00 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 5.71 billion won, compared with income of 6.78 billion won in the year-earlier period.

The normalized profit margin fell to negative 22.0% from 28.4% in the year-earlier period.

Total revenue increased 8.7% year over year to 25.92 billion won from 23.84 billion won, and total operating expenses rose 10.9% year over year to 34.82 billion won from 31.41 billion won.

Reported net income totaled a loss of 11.63 billion won, or a loss of 335.77 won per share, compared to income of 10.51 billion won, or 285.31 won per share, in the prior-year period.

As of May 13, US$1 was equivalent to 1,091.95 South Korean won.