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Net Gaming Europe Q2 loss narrows YOY

Net Gaming Europe AB (publ) said its normalized net income for the second quarter came to a loss of 2 Swedish öre per share, compared with a loss of 2 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 877,500 kronor, compared with a loss of 1.0 million kronor in the prior-year period.

The normalized profit margin increased to negative 33.9% from negative 95.6% in the year-earlier period.

Total revenue climbed year over year to 2.7 million kronor from 1.1 million kronor, and total operating expenses rose 52.1% from the prior-year period to 4.1 million kronor from 2.7 million kronor.

Reported net income came to a loss of 1.4 million kronor, or a loss of 2 öre per share, compared to a loss of 1.6 million kronor, or a loss of 3 öre per share, in the year-earlier period.

As of Aug. 20, US$1 was equivalent to 8.50 Swedish kronor.