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Clemondo Group Q3 loss widens YOY

Clemondo Group AB said its third-quarter normalized net income amounted to 11.5 million kronor, compared with a loss of 2.8 million 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 dropped to negative 18.2% from negative 10.0% in the year-earlier period.

Total revenue climbed year over year to 73.5 million kronor from 28.3 million kronor, and total operating expenses increased on an annual basis to 90.2 million kronor from 32.0 million kronor.

Reported net income totaled a loss of 17.4 million kronor, compared with a loss of 4.5 million kronor, or a loss of 36 öre per share, in the year-earlier period.

As of Nov. 18, US$1 was equivalent to 9.26 Swedish kronor.