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ITX-M2M Q1 loss narrows YOY

ITX-M2M Co. Ltd. said its normalized net income for the first quarter came to a loss of 17.31 South Korean won per share, compared with a loss of 150.12 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 228.7 million won, compared with a loss of 1.98 billion won in the prior-year period.

The normalized profit margin climbed to negative 3.3% from negative 25.6% in the year-earlier period.

Total revenue decreased 11.2% on an annual basis to 6.87 billion won from 7.74 billion won, and total operating expenses decreased 34.8% year over year to 7.09 billion won from 10.88 billion won.

Reported net income totaled a loss of 292.6 million won, or a loss of 22.14 won per share, compared to a loss of 3.37 billion won, or a loss of 254.94 won per share, in the prior-year period.

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