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Mavshack Q1 loss narrows YOY

Mavshack AB said its normalized net income for the first quarter was a loss of 22 Swedish öre per share, compared with a loss of 26 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 7.9 million kronor, compared with a loss of 8.2 million kronor in the year-earlier period.

Total revenue fell 99.0% year over year to 52,300 kronor from 5.2 million kronor, and total operating expenses decreased 40.1% on an annual basis to 10.9 million kronor from 18.3 million kronor.

Reported net income came to a loss of 12.6 million kronor, or a loss of 35 öre per share, compared to a loss of 13.1 million kronor, or a loss of 42 öre per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 8.35 Swedish kronor.