MP3 player manufacturer Reigncom suffered big losses in the second quarter due to sluggish performance in its flagship business. The company on Monday announced W32.6 billion (US$1=W955) in sales, W19.3 billion in operating loss and W25.7 billion in net loss for the quarter. That means it saw an 8.6 percent drop in sales, while operating loss and net loss grew significantly from the previous quarter. Accumulated losses in the first half of this year reached a whopping W44 billion.
“Our sales were weak due to the sluggish MP 3 player industry for the quarter,” a Reigncom staffer said. “And as our affiliates posted increased losses, we had to create more allowance for bad debts.”