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NEXON swings to profit in Q1

NEXON Co. Ltd. said its first-quarter normalized net income was ¥35.52 per share, compared with a loss of ¥3.33 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥15.74 billion, compared with a loss of ¥1.45 billion in the year-earlier period.

The normalized profit margin rose to 21.0% from negative 2.5% in the year-earlier period.

Total revenue climbed 30.1% year over year to ¥74.79 billion from ¥57.50 billion, and total operating expenses decreased 34.9% from the prior-year period to ¥35.03 billion from ¥53.79 billion.

Reported net income totaled ¥19.91 billion, or ¥44.92 per share, compared with a loss of ¥6.27 billion, or a loss of ¥14.43 per share, in the year-earlier period.

As of May 12, US$1 was equivalent to ¥113.22.