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Next Entertainment World Q1 loss widens YOY

Next Entertainment World Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 66.06 South Korean won per share, compared with a loss of 27.43 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 a loss of 1.81 billion won, compared with a loss of 757.3 million won in the prior-year period.

The normalized profit margin dropped to negative 7.7% from negative 5.9% in the year-earlier period.

Total revenue increased 85.5% year over year to 23.98 billion won from 12.93 billion won, and total operating expenses climbed 79.6% on an annual basis to 26.19 billion won from 14.58 billion won.

Reported net income totaled a loss of 2.92 billion won, or a loss of 106.52 won per share, compared to income of 1.02 billion won, or 36.98 won per share, in the year-earlier period.

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