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New Equity Venture International swings to profit in Q1

4911985 said its normalized net income for the first quarter was 40 Swedish öre per share, compared with a loss of 10 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 1.0 million kronor, compared with a loss of 209,310 kronor in the year-earlier period.

The normalized profit margin rose to 6.5% from negative 0.8% in the year-earlier period.

Total revenue decreased 39.7% on an annual basis to 15.8 million kronor from 26.1 million kronor, and total operating expenses fell 42.8% on an annual basis to 14.9 million kronor from 26.1 million kronor.

Reported net income came to 1.7 million kronor, or 66 öre New Equity Venture International AB