Tobin Properties AB said its first-quarter normalized net income was a loss of 27 Swedish öre per share, compared with a loss of 28 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 1.7 million kronor, compared with a loss of 1.7 million kronor in the year-earlier period.

The normalized profit margin was 134.3%.

Total revenue grew on an annual basis to 2.0 million kronor from 72,000 kronor, and total operating expenses rose 54.7% on an annual basis to 3.9 million kronor from 2.5 million kronor.

Reported net income totaled a loss of 6.5 million kronor, or a loss of 1.04 kronor per share, compared to a loss of 3.3 million kronor, or a loss of 53 öre per share, in the year-earlier period.

As of May 20, US$1 was equivalent to 8.36 Swedish kronor.