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SSM Holding swings to profit in Q1

SSM Holding AB said its first-quarter normalized net income amounted to 15.1 million kronor, compared with a loss of 2.4 million kronor in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 9.5% from negative 2.3% in the year-earlier period.

Total revenue grew 60.3% year over year to 168.2 million kronor from 104.9 million kronor, and total operating expenses increased 41.9% year over year to 150.4 million kronor from 106.0 million kronor.

Reported net income came to 23.0 million kronor, or 76 öre per share, compared to a loss of 653,000 kronor in the year-earlier period.

As of May 28, US$1 was equivalent to 8.49 Swedish kronor.