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Selvas AI swings to loss in Q1

Selvas AI Inc. said its normalized net income for the first quarter came to a loss of 18.83 South Korean won per share, compared with 5.92 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 415.4 million won, compared with income of 130.0 million won in the year-earlier period.

The normalized profit margin dropped to negative 4.6% from 1.8% in the year-earlier period.

Total revenue climbed 26.4% on an annual basis to 8.97 billion won from 7.10 billion won, and total operating expenses increased 34.7% on an annual basis to 9.54 billion won from 7.08 billion won.

Reported net income totaled a loss of 497.2 million won, or a loss of 22.54 won per share, compared to income of 183.5 million won, or 8.35 won per share, in the prior-year period.

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