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Banking Essentials Newsletter: 17th April Edition

PromikBook swings to profit in Q1

PromikBook AB said its normalized net income for the first quarter was 26,250 kronor, compared with a loss of 338,130 kronor in the year-earlier period.

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

The normalized profit margin rose to 2.0% from negative 27.2% in the year-earlier period.

Total revenue climbed year over year to 1.3 million kronor from 1.2 million kronor, and total operating expenses decreased 29.7% year over year to 1.3 million kronor from 1.8 million kronor.

Reported net income came to 42,000 kronor, or 0 öre per share, compared to a loss of 541,000 kronor, or a loss of 1 öre per share, in the year-earlier period.

As of April 12, US$1 was equivalent to 8.08 Swedish kronor.