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Haatz Q1 profit climbs YOY

Haatz Inc. said its normalized net income for the first quarter amounted to 32.85 South Korean won per share, an increase from 6.32 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 414.3 million won, an increase from 83.5 million won in the prior-year period.

The normalized profit margin rose to 2.4% from 0.5% in the year-earlier period.

Total revenue climbed 12.3% year over year to 17.24 billion won from 15.35 billion won, and total operating expenses grew 9.7% on an annual basis to 16.81 billion won from 15.33 billion won.

Reported net income increased on an annual basis to 484.5 million won, or 38.41 won per share, from 118.9 million won, or 9.00 won per share.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.