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Net Gaming Europe Q1 loss narrows YOY

Net Gaming Europe AB said its normalized net income for the first quarter was a loss of 2 Swedish öre per share, compared with a loss of 2 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 a loss of 869,380 kronor, compared with a loss of 1.0 million kronor in the prior-year period.

The normalized profit margin increased to negative 53.8% from negative 139.8% in the year-earlier period.

Total revenue climbed year over year to 1.7 million kronor from 741,000 kronor, and total operating expenses climbed 28.9% year over year to 3.1 million kronor from 2.4 million kronor.

Reported net income came to a loss of 1.4 million kronor, or a loss of 2 öre per share, compared to a loss of 1.7 million kronor, or a loss of 3 öre per share, in the prior-year period.

As of June 3, US$1 was equivalent to 8.32 Swedish kronor.