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KidariStudio swings to loss in Q1

KidariStudio Inc. said its first-quarter normalized net income amounted to a loss of 6.73 South Korean won per share, compared with 373.38 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 100.3 million won, compared with income of 5.56 billion won in the prior-year period.

The normalized profit margin fell to negative 1.3% from 101.0% in the year-earlier period.

Total revenue rose 36.3% year over year to 7.50 billion won from 5.50 billion won, and total operating expenses climbed 46.3% from the prior-year period to 7.73 billion won from 5.28 billion won.

Reported net income came to a loss of 160.5 million won, or a loss of 10.77 won per share, compared to income of 7.10 billion won, or 477.00 won per share, in the year-earlier period.

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