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Longtu Korea Q1 loss widens 67.1% YOY

Longtu Korea Inc. said its normalized net income for the first quarter amounted to a loss of 41.19 South Korean won per share, compared with a loss of 38.87 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 427.4 million won, compared with a loss of 255.8 million won in the prior-year period.

The normalized profit margin fell to negative 14.2% from negative 9.0% in the year-earlier period.

Total revenue increased 11.3% on an annual basis to 3.18 billion won from 2.86 billion won, and total operating expenses grew 13.4% on an annual basis to 3.73 billion won from 3.29 billion won.

Reported net income totaled a loss of 715.9 million won, or a loss of 72.35 won per share, compared to a loss of 377.1 million won, or a loss of 57.30 won per share, in the prior-year period.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.