Fortis Inc. said its first-quarter normalized net income amounted to a loss of 51.82 South Korean won per share, compared with a loss of 35.39 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 699.0 million won in the year-earlier period.
The normalized profit margin increased to 0.9% from negative 4.5% in the year-earlier period.
Total revenue grew 19.9% on an annual basis to 18.72 billion won from 15.61 billion won, and total operating expenses climbed 18.7% from the prior-year period to 20.09 billion won from 16.92 billion won.
Reported net income came to a loss of 1.16 billion won, or a loss of 58.56 won per share, compared to a loss of 1.78 billion won, or a loss of 89.91 won per share, in the prior-year period.
As of May 13, US$1 was equivalent to 1,177.12 South Korean won.
