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Gravity Co. Ltd. Q1 loss narrows YOY

Gravity Co.Ltd. said its first-quarter normalized net income came to a loss of 86 Taiwan cents per share, compared with a loss of NT$2.15 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 NT$8.5 million, compared with a loss of NT$14.4 million in the prior-year period.

The normalized profit margin increased to negative 20.7% from negative 55.6% in the year-earlier period.

Total revenue rose 59.2% on an annual basis to NT$41.1 million from NT$25.8 million, and total operating expenses climbed 11.8% year over year to NT$53.4 million from NT$47.7 million.

Reported net income totaled a loss of NT$13.6 million, or a loss of NT$1.38 per share, compared to a loss of NT$23.0 million, or a loss of NT$3.44 per share, in the year-earlier period.

As of May 16, US$1 was equivalent to NT$32.63.