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Honkarakenne Q1 loss widens 53.8% YOY

Honkarakenne Oyj said its first-quarter normalized net income was a loss of 26 euro cents per share, compared with a loss of 17 cents 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 €1.3 million, compared with a loss of €812,500 in the year-earlier period.

The normalized profit margin fell to negative 21.6% from negative 9.1% in the year-earlier period.

Total revenue decreased 34.8% on an annual basis to €5.8 million from €8.9 million, and total operating expenses fell 26.0% from the prior-year period to €7.4 million from €10.0 million.

Reported net income came to a loss of €1.6 million, or a loss of 33 cents per share, compared to a loss of €1.0 million, or a loss of 21 cents per share, in the prior-year period.