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VirtualTek Q1 loss widens 16.8% YOY

Virtualtek Corp said its first-quarter normalized net income was a loss of 10.24 South Korean won per share, compared with a loss of 9.79 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 155.5 million won, compared with a loss of 133.1 million won in the prior-year period.

The normalized profit margin dropped to negative 12.2% from negative 2.8% in the year-earlier period.

Total revenue fell 52.4% on an annual basis to 2.28 billion won from 4.79 billion won, and total operating expenses declined 52.1% from the prior-year period to 2.27 billion won from 4.73 billion won.

Reported net income came to 11.75 billion won, or 774.00 won per share, compared to a loss of 1.88 billion won, or a loss of 138.00 won per share, in the year-earlier period.

As of April 20, US$1 was equivalent to 1,131.64 South Korean won.