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Net Gaming Europe Q3 loss widens 54.3% YOY

Net Gaming Europe AB (publ) said its third-quarter normalized net income amounted to a loss of 2 Swedish öre per share, compared with a loss of 1 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 900,630 kronor, compared with a loss of 583,750 kronor in the year-earlier period.

The normalized profit margin rose to negative 18.5% from negative 18.7% in the year-earlier period.

Total revenue increased 56.3% on an annual basis to 4.9 million kronor from 3.1 million kronor, and total operating expenses rose 37.3% on an annual basis to 5.6 million kronor from 4.1 million kronor.

Reported net income totaled a loss of 1.4 million kronor, or a loss of 3 öre per share, compared to a loss of 934,000 kronor, or a loss of 2 öre per share, in the prior-year period.

As of Nov. 17, US$1 was equivalent to 9.21 Swedish kronor.