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Net Gaming Europe Q2 loss narrows YOY

Net Gaming Europe AB (publ) said its second-quarter normalized net income was a loss of 469,380 kronor, compared with a loss of 877,500 kronor in the year-earlier period.

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

The normalized profit margin climbed to negative 9.8% from negative 33.9% in the year-earlier period.

Total revenue increased 85.8% on an annual basis to 4.8 million kronor from 2.6 million kronor, and total operating expenses increased 38.6% year over year to 5.5 million kronor from 3.9 million kronor.

Reported net income came to a loss of 751,000 kronor, or a loss of 1 öre per share, compared to a loss of 1.4 million kronor, or a loss of 2 öre per share, in the prior-year period.

As of Aug. 25, US$1 was equivalent to 8.41 Swedish kronor.