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Newgioco Group swings to profit in Q2

Newgioco Group Inc. said its normalized net income for the second quarter amounted to $142,410, compared with a loss of $113,620 in the prior-year period.

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

The normalized profit margin rose to 3.5% from negative 7.4% in the year-earlier period.

Total revenue rose on an annual basis to $4.1 million from $1.5 million, and total operating expenses climbed year over year to $3.8 million from $1.9 million.

Reported net income totaled $375,030, or 0 cents per share, compared to a loss of $243,470, or a loss of 1 cents per share, in the year-earlier period.