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GaeaSoft Q1 loss narrows YOY

GaeaSoft Corp. said its normalized net income for the first quarter was a loss of 37 South Korean chon per share, compared with a loss of 14.69 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 4.4 million won, compared with a loss of 178.2 million won in the year-earlier period.

The normalized profit margin rose to 0.9% from negative 2.2% in the year-earlier period.

Total revenue increased 51.5% on an annual basis to 12.33 billion won from 8.14 billion won, and total operating expenses increased 42.2% year over year to 12.24 billion won from 8.61 billion won.

Reported net income totaled a loss of 10.2 million won, or a loss of 84 chon per share, compared to a loss of 371.4 million won, or a loss of 30.63 won per share, in the year-earlier period.

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