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Infraware Q1 loss widens 73.5% YOY

Infraware Inc. said its normalized net income for the first quarter amounted to a loss of 174.09 South Korean won per share, compared with a loss of 100.37 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 3.23 billion won, compared with a loss of 1.86 billion won in the year-earlier period.

The normalized profit margin dropped to negative 69.4% from negative 23.3% in the year-earlier period.

Total revenue decreased 41.7% on an annual basis to 4.66 billion won from 7.99 billion won, and total operating expenses fell 6.7% year over year to 10.05 billion won from 10.77 billion won.

Reported net income came to a loss of 5.64 billion won, or a loss of 303.79 won per share, compared to a loss of 2.97 billion won, or a loss of 159.90 won per share, in the year-earlier period.

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