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Umida Group Q2 loss widens 76.9% YOY

Umida Group AB said its normalized net income for the second quarter was a loss of 1.25 Swedish kronor per share, compared with a loss of 4.78 kronor 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 1.9 million kronor, compared with a loss of 1.1 million kronor in the prior-year period.

Total revenue declined 95.1% year over year to 78,000 kronor from 1.6 million kronor, and total operating expenses decreased 5.7% on an annual basis to 3.0 million kronor from 3.2 million kronor.

Reported net income came to a loss of 3.0 million kronor, or a loss of 2.00 kronor per share, compared to a loss of 1.7 million kronor, or a loss of 7.65 kronor per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 8.50 Swedish kronor.