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NewFlex Technology Q1 loss widens 50.8% YOY

NewFlex Technology Co. Ltd. said its first-quarter normalized net income amounted to a loss of 84.79 South Korean won per share, compared with a loss of 56.01 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 1.03 billion won, compared with a loss of 683.3 million won in the prior-year period.

The normalized profit margin dropped to negative 2.8% from negative 2.6% in the year-earlier period.

Total revenue rose 40.7% on an annual basis to 37.11 billion won from 26.37 billion won, and total operating expenses climbed 40.1% from the prior-year period to 37.85 billion won from 27.02 billion won.

Reported net income totaled a loss of 1.20 billion won, or a loss of 99.00 won per share, compared to a loss of 1.07 billion won, or a loss of 88.01 won per share, in the year-earlier period.

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