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New Equity Venture International Q1 profit climbs YOY

New Equity Venture International AB said its first-quarter normalized net income amounted to 1.70 Swedish kronor per share, a gain from 40 öre per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.9 million kronor, a gain from 1.0 million kronor in the year-earlier period.

The normalized profit margin increased to 87.3% from 6.5% in the year-earlier period.

Total revenue declined 64.4% year over year to 5.7 million kronor from 15.9 million kronor, and total operating expenses decreased 55.3% from the prior-year period to 6.7 million kronor from 15.0 million kronor.

Reported net income rose from the prior-year period to 8.0 million kronor, or 2.74 kronor per share, from 1.7 million kronor, or 66 öre per share.

As of April 19, US$1 was equivalent to 8.08 Swedish kronor.