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Lexington Co. swings to loss in Q1

Lexington Co. AB said its normalized net income for the first quarter was a loss of 99 Swedish öre per share, compared with 24 öre 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 4.7 million kronor, compared with income of 1.1 million kronor in the year-earlier period.

The normalized profit margin declined to negative 7.4% from 1.8% in the year-earlier period.

Total revenue declined year over year to 63.8 million kronor from 65.1 million kronor, and total operating expenses climbed 10.5% from the prior-year period to 69.9 million kronor from 63.2 million kronor.

Reported net income totaled a loss of 8.0 million kronor, or a loss of 1.67 kronor per share, compared to income of 961,000 kronor, or 20 öre per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 8.24 Swedish kronor.