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CoAsia Holdings Q1 loss narrows YOY

CoAsia Corp. said its normalized net income for the first quarter was a loss of 58.18 South Korean won per share, compared with a loss of 240.03 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 763.5 million won, compared with a loss of 3.15 billion won in the year-earlier period.

The normalized profit margin increased to negative 0.7% from negative 6.2% in the year-earlier period.

Total revenue increased year over year to 104.68 billion won from 50.65 billion won, and total operating expenses grew 82.6% from the prior-year period to 100.00 billion won from 54.77 billion won.

Reported net income totaled a loss of 1.12 billion won, or a loss of 85.51 won per share, compared to a loss of 4.85 billion won, or a loss of 368.96 won per share, in the prior-year period.

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