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Jays AB swings to loss in fiscal Q3

Jays Group AB (publ) said its normalized net income for the fiscal third quarter ended Jan. 31 was a loss of 41 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 25 öre per share.

The per-share result swung to a loss from the prior-year profit of 31 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 3.0 million kronor, compared with income of 2.3 million kronor in the year-earlier period.

The normalized profit margin fell to negative 32.1% from 10.4% in the year-earlier period.

Total revenue fell 57.0% on an annual basis to 9.4 million kronor from 21.8 million kronor, and total operating expenses decreased 28.6% from the prior-year period to 12.9 million kronor from 18.1 million kronor.

Reported net income totaled a loss of 4.8 million kronor, or a loss of 66 öre per share, compared to income of 3.6 million kronor, or 50 öre per share, in the prior-year period.

As of March 27, US$1 was equivalent to 8.57 Swedish kronor.