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Devsisters swings to loss in Q1

Devsisters corporation said its first-quarter normalized net income was a loss of 158.50 South Korean won per share, compared with 121.85 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 1.54 billion won, compared with income of 1.42 billion won in the prior-year period.

The normalized profit margin fell to negative 52.5% from 18.6% in the year-earlier period.

Total revenue fell 65.1% on an annual basis to 2.67 billion won from 7.65 billion won, and total operating expenses fell 14.8% year over year to 5.49 billion won from 6.44 billion won.

Reported net income came to a loss of 2.24 billion won, or a loss of 231.40 won per share, compared to income of 2.23 billion won, or 191.26 won per share, in the year-earlier period.

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