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Nexen Tech swings to profit in Q1

Nexen Tech Corp. said its normalized net income for the first quarter amounted to 28.71 South Korean won per share, compared with a loss of 2.44 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 2.08 billion won, compared with a loss of 179.3 million won in the year-earlier period.

The normalized profit margin climbed to 7.8% from negative 1.3% in the year-earlier period.

Total revenue increased 97.3% year over year to 26.67 billion won from 13.51 billion won, and total operating expenses climbed 74.4% year over year to 24.06 billion won from 13.80 billion won.

Reported net income totaled 2.57 billion won, or 35.51 won per share, compared to a loss of 316.3 million won, or a loss of 4.31 won per share, in the prior-year period.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.