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Mobi724 Global Solutions Q1 loss narrows YOY

Mobi724 Global Solutions Inc. said its normalized net income for the first quarter was a loss of C$596,420, compared with a loss of C$764,980 in the year-earlier period.

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

The normalized profit margin was 107.0%.

Total revenue grew on an annual basis to C$557,390 from C$88,110, and total operating expenses rose 23.0% year over year to C$1.3 million from C$1.1 million.

Reported net income totaled a loss of C$963,590, or a loss of 1 cents per share, compared to a loss of C$4.3 million, or a loss of 10 cents per share, in the year-earlier period.