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Jackpotjoy swings to profit in Q1

JPJ Group plc said its normalized net income for the first quarter amounted to 7 Canadian cents per share, compared with a loss of 2 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 C$5.4 million, compared with a loss of C$627,950 in the prior-year period.

The normalized profit margin increased to 9.5% from negative 3.6% in the year-earlier period.

Total revenue increased on an annual basis to C$68.8 million from C$17.4 million, and total operating expenses climbed from the prior-year period to C$55.1 million from C$17.6 million.

Reported net income totaled C$5.4 million, or 7 cents per share, compared to a loss of C$13.9 million, or a loss of 43 cents per share, in the year-earlier period.