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AB Snaige Q1 loss widens 90.3% YOY

AB Snaige said its normalized net income for the first quarter amounted to a loss of €181,280, compared with a loss of €95,270 in the prior-year period.

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

The normalized profit margin declined to negative 2.2% from negative 1.0% in the year-earlier period.

Total revenue fell 11.8% on an annual basis to €8.4 million from €9.5 million, and total operating expenses decreased 9.4% on an annual basis to €8.7 million from €9.6 million.

Reported net income came to a loss of €290,040, or a loss of 1 cents per share, compared to a loss of €152,450, or a loss of 0 cents per share, in the year-earlier period.