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CITECH Q1 loss narrows YOY

CITECH Co. Ltd. said its first-quarter normalized net income was a loss of 4.80 South Korean won per share, compared with a loss of 15.87 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 177.3 million won, compared with a loss of 398.6 million won in the year-earlier period.

The normalized profit margin climbed to negative 3.7% from negative 9.1% in the year-earlier period.

Total revenue rose 9.5% on an annual basis to 4.77 billion won from 4.36 billion won, and total operating expenses climbed 13.7% year over year to 4.94 billion won from 4.35 billion won.

Reported net income totaled 64.2 million won, or 1.74 won per share, compared to a loss of 203.7 million won, or a loss of 8.11 won per share, in the prior-year period.

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