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HanbitSoft Q1 loss widens 96.4% YOY

HANBIT SOFT Inc. said its normalized net income for the first quarter came to a loss of 24.12 South Korean won per share, compared with a loss of 12.30 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 558.3 million won, compared with a loss of 284.3 million won in the prior-year period.

The normalized profit margin declined to negative 7.4% from negative 6.9% in the year-earlier period.

Total revenue increased 82.7% on an annual basis to 7.53 billion won from 4.12 billion won, and total operating expenses rose 69.3% year over year to 7.93 billion won from 4.69 billion won.

Reported net income totaled a loss of 1.26 billion won, or a loss of 54.65 won per share, compared to a loss of 856.4 million won, or a loss of 37.05 won per share, in the year-earlier period.

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