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Serstech Q1 loss narrows YOY

Serstech AB said its normalized net income for the first quarter was a loss of 8 Swedish öre per share, compared with a loss of 10 öre per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.6 million kronor, compared with a loss of 2.1 million kronor in the prior-year period.

The normalized profit margin increased to negative 43.4% from negative 228.6% in the year-earlier period.

Total revenue climbed on an annual basis to 3.7 million kronor from 919,000 kronor, and total operating expenses grew 46.2% year over year to 6.1 million kronor from 4.2 million kronor.

Reported net income totaled a loss of 2.6 million kronor, or a loss of 12 öre per share, compared to a loss of 3.4 million kronor, or a loss of 16 öre per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 8.13 Swedish kronor.