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True Heading Q1 loss narrows YOY

True Heading AB said its normalized net income for the first quarter came to a loss of 2 Swedish öre per share, compared with a loss of 9 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 854,380 kronor, compared with a loss of 2.4 million kronor in the year-earlier period.

The normalized profit margin climbed to negative 20.8% from negative 65.1% in the year-earlier period.

Total revenue rose 10.0% year over year to 4.1 million kronor from 3.7 million kronor, and total operating expenses fell 28.7% on an annual basis to 5.4 million kronor from 7.6 million kronor.

Reported net income came to a loss of 1.4 million kronor, or a loss of 3 öre per share, compared to a loss of 3.3 million kronor, or a loss of 13 öre per share, in the year-earlier period.

As of May 17, US$1 was equivalent to 8.24 Swedish kronor.