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Hyundai Information Technology Q1 loss narrows YOY

Hyundai Information Technology Co. Ltd. said its first-quarter normalized net income amounted to a loss of 9.49 South Korean won per share, compared with a loss of 41.82 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 564.8 million won, compared with a loss of 2.18 billion won in the year-earlier period.

The normalized profit margin climbed to negative 1.4% from negative 8.8% in the year-earlier period.

Total revenue rose 66.1% on an annual basis to 41.02 billion won from 24.70 billion won, and total operating expenses rose 52.2% on an annual basis to 41.43 billion won from 27.22 billion won.

Reported net income totaled a loss of 903.7 million won, or a loss of 15.18 won per share, compared to a loss of 3.50 billion won, or a loss of 66.98 won per share, in the year-earlier period.

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