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Smart Employee Benefits fiscal Q1 loss widens YOY

Smart Employee Benefits Inc. said its normalized net income for the fiscal first quarter ended Feb. 29 amounted to a loss of C$1.3 million, compared with a loss of C$474,780 in the year-earlier period.

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

The normalized profit margin declined to negative 5.2% from negative 4.2% in the year-earlier period.

Total revenue increased year over year to C$23.4 million from C$11.3 million, and total operating expenses grew from the prior-year period to C$24.3 million from C$11.6 million.

Reported net income totaled a loss of C$2.4 million, or a loss of 2 cents per share, compared to income of C$402,460, or 0 cents per share, in the prior-year period.