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Longtu Korea Q1 loss narrows YOY

Longtu Korea Inc. said its normalized net income for the first quarter came to a loss of 15.93 South Korean won per share, compared with a loss of 44.51 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 352.5 million won, compared with a loss of 451.9 million won in the prior-year period.

The normalized profit margin rose to negative 3.8% from negative 14.2% in the year-earlier period.

Total revenue grew on an annual basis to 9.23 billion won from 3.18 billion won, and total operating expenses rose year over year to 8.76 billion won from 3.94 billion won.

Reported net income came to a loss of 774.7 million won, or a loss of 42.38 won per share, compared to a loss of 723.2 million won, or a loss of 71.24 won per share, in the year-earlier period.

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