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Icraft Q1 loss narrows YOY

iCRAFT Co. Ltd. said its first-quarter normalized net income amounted to a loss of 30.06 South Korean won per share, compared with a loss of 59.86 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 212.0 million won, compared with a loss of 422.7 million won in the year-earlier period.

The normalized profit margin increased to negative 1.6% from negative 4.0% in the year-earlier period.

Total revenue increased 23.0% on an annual basis to 13.10 billion won from 10.65 billion won, and total operating expenses grew 16.2% on an annual basis to 13.19 billion won from 11.35 billion won.

Reported net income totaled a loss of 256.1 million won, or a loss of 36.30 won per share, compared to a loss of 527.1 million won, or a loss of 74.63 won per share, in the year-earlier period.

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