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Openbase profit holds relatively steady YOY in Q1

Openbase Inc. said its normalized net income for the first quarter amounted to a loss of 47.32 South Korean won per share, compared with a loss of 46.42 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 1.44 billion won, compared with a loss of 1.44 billion won in the year-earlier period.

The normalized profit margin rose to negative 6.1% from negative 10.1% in the year-earlier period.

Total revenue climbed 65.3% year over year to 23.47 billion won from 14.20 billion won, and total operating expenses climbed 58.1% year over year to 25.87 billion won from 16.36 billion won.

Reported net income came to a loss of 2.30 billion won, or a loss of 75.71 won per share, compared to a loss of 2.27 billion won, or a loss of 72.98 won per share, in the year-earlier period.

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