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Nuintek Q1 loss widens YOY

Nuintek Co.Ltd. said its normalized net income for the first quarter came to a loss of 9.07 South Korean won per share, compared with a loss of 46 chon 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 345.6 million won, compared with a loss of 21.5 million won in the prior-year period.

The normalized profit margin dropped to negative 0.8% from negative 0.1% in the year-earlier period.

Total revenue decreased 8.5% on an annual basis to 13.29 billion won from 14.52 billion won, and total operating expenses decreased 5.9% year over year to 13.38 billion won from 14.22 billion won.

Reported net income came to a loss of 166.1 million won, or a loss of 4.36 won per share, compared to a loss of 26.6 million won, or a loss of 57 chon per share, in the prior-year period.

As of May 13, US$1 was equivalent to 1,177.12 South Korean won.