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Gigalane Q1 loss narrows YOY

GIGALANE Co.Ltd. said its normalized net income for the first quarter amounted to a loss of 36.39 South Korean won per share, compared with a loss of 65.45 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 1.33 billion won, compared with a loss of 2.38 billion won in the prior-year period.

The normalized profit margin increased to negative 6.0% from negative 14.7% in the year-earlier period.

Total revenue rose 8.1% on an annual basis to 17.54 billion won from 16.22 billion won, and total operating expenses decreased on an annual basis to 19.07 billion won from 19.99 billion won.

Reported net income totaled a loss of 1.03 billion won, or a loss of 28.22 won per share, compared to a loss of 3.60 billion won, or a loss of 99.07 won per share, in the year-earlier period.

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