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MultiQ International swings to loss in Q1

MultiQ International AB (publ) said its normalized net income for the first quarter amounted to a loss of 2 Swedish öre per share, compared with 2 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 3.1 million kronor, compared with income of 2.3 million kronor in the year-earlier period.

The normalized profit margin dropped to negative 10.7% from 8.6% in the year-earlier period.

Total revenue grew 8.4% on an annual basis to 28.7 million kronor from 26.4 million kronor, and total operating expenses grew 47.4% on an annual basis to 33.5 million kronor from 22.7 million kronor.

Reported net income came to a loss of 4.9 million kronor, or a loss of 4 öre per share, compared to income of 4.1 million kronor, or 4 öre per share, in the year-earlier period.

As of May 17, US$1 was equivalent to 8.24 Swedish kronor.