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New Equity Venture International Q2 loss narrows YOY

New Equity Venture International AB said its second-quarter normalized net income came to a loss of 27 Swedish öre per share, compared with a loss of 31 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 800,480 kronor, compared with a loss of 815,440 kronor in the year-earlier period.

The normalized profit margin declined to negative 10.8% from negative 4.4% in the year-earlier period.

Total revenue decreased 68.7% year over year to 5.8 million kronor from 18.4 million kronor, and total operating expenses declined 57.8% on an annual basis to 8.4 million kronor from 19.9 million kronor.

Reported net income totaled a loss of 1.4 million kronor, or a loss of 48 öre per share, compared to a loss of 1.5 million kronor, or a loss of 57 öre per share, in the prior-year period.

As of July 28, US$1 was equivalent to 8.65 Swedish kronor.