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Rorze Systems Q1 loss widens 99.3% YOY

Rorze Systems Corp. said its first-quarter normalized net income amounted to a loss of 89.74 South Korean won per share, compared with a loss of 47.61 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 1.08 billion won, compared with a loss of 543.0 million won in the prior-year period.

The normalized profit margin fell to negative 12.2% from negative 6.6% in the year-earlier period.

Total revenue grew 8.5% on an annual basis to 8.90 billion won from 8.21 billion won, and total operating expenses grew 16.2% on an annual basis to 10.68 billion won from 9.18 billion won.

Reported net income came to a loss of 1.35 billion won, or a loss of 112.16 won per share, compared to a loss of 683.3 million won, or a loss of 59.90 won per share, in the year-earlier period.

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