Vadsbo SwitchTech Group AB (publ) said its first-quarter normalized net income was a loss of 68,130 kronor, compared with a loss of 20,630 kronor in the prior-year period.

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

The normalized profit margin was 0.8%.

Total revenue totaled 8.1 million kronor, and total operating expenses increased on an annual basis to 8.0 million kronor from 33,000 kronor.

Reported net income totaled a loss of 120,000 kronor, or a loss of 1 öre per share, compared to a loss of 33,000 kronor, or a loss of 2 öre per share, in the year-earlier period.

As of May 19, US$1 was equivalent to 8.35 Swedish kronor.