Winnova Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 47.07 South Korean won per share, compared with a loss of 25.42 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 a loss of 353.1 million won, compared with a loss of 123.3 million won in the prior-year period.

The normalized profit margin dropped to negative 28.5% from negative 3.5% in the year-earlier period.

Total revenue increased 17.9% on an annual basis to 4.15 billion won from 3.52 billion won, and total operating expenses rose 24.5% on an annual basis to 4.60 billion won from 3.69 billion won.

Reported net income totaled 107.0 million won, or 14.26 won per share, compared to a loss of 320.9 million won, or a loss of 66.14 won per share, in the year-earlier period.

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