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VA Automotive swings to loss in Q1

VA Automotive i Hässleholm AB (publ) said its normalized net income for the first quarter amounted to a loss of 37 Swedish öre per share, compared with 25 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 5.0 million kronor, compared with income of 1.2 million kronor in the prior-year period.

The normalized profit margin declined to negative 6.8% from 1.4% in the year-earlier period.

Total revenue fell 14.9% on an annual basis to 73.1 million kronor from 85.9 million kronor, and total operating expenses fell from the prior-year period to 81.1 million kronor from 84.7 million kronor.

Reported net income totaled a loss of 8.2 million kronor, or a loss of 60 öre per share, compared to income of 1.4 million kronor, or 27 öre per share, in the prior-year period.

As of May 8, US$1 was equivalent to 8.24 Swedish kronor.