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WooriNet Q1 loss widens 42.2% YOY

WooriNet Inc. said its first-quarter normalized net income was a loss of 103.31 South Korean won per share, compared with a loss of 72.34 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 657.6 million won, compared with a loss of 462.4 million won in the prior-year period.

The normalized profit margin fell to negative 21.1% from negative 11.3% in the year-earlier period.

Total revenue decreased 23.8% year over year to 3.11 billion won from 4.08 billion won, and total operating expenses fell 11.9% on an annual basis to 4.33 billion won from 4.91 billion won.

Reported net income came to a loss of 654.9 million won, or a loss of 102.88 won per share, compared to a loss of 428.3 million won, or a loss of 67.00 won per share, in the year-earlier period.

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