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Vonetize Q1 loss widens 26.7% YOY

Vonetize Plc said its first-quarter normalized net income came to a loss of 3 cents per share, compared with a loss of 2 cents 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 $668,130, compared with a loss of $527,500 in the year-earlier period.

The normalized profit margin declined to negative 268.3% from negative 145.3% in the year-earlier period.

Total revenue decreased 31.4% on an annual basis to $249,000 from $363,000, and total operating expenses rose from the prior-year period to $1.2 million from $1.2 million.

Reported net income totaled a loss of $1.1 million, or a loss of 4 cents per share, compared to a loss of $887,000, or a loss of 4 cents per share, in the year-earlier period.