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Umida Group Q1 loss widens 21.5% YOY

Umida Group AB said its first-quarter normalized net income amounted to a loss of 63 Swedish öre per share, compared with a loss of 1.40 kronor 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 2.4 million kronor, compared with a loss of 2.0 million kronor in the year-earlier period.

The normalized profit margin was 15.3%.

Total revenue rose on an annual basis to 16.0 million kronor from 375,000 kronor, and total operating expenses grew on an annual basis to 19.8 million kronor from 3.5 million kronor.

Reported net income totaled a loss of 3.9 million kronor, or a loss of 1 krona per share, compared to a loss of 3.2 million kronor, or a loss of 2.25 kronor per share, in the year-earlier period.

As of May 31, US$1 was equivalent to 8.35 Swedish kronor.