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Cloetta AB profit misses consensus by 49.1% in Q1

Cloetta AB said its normalized net income for the first quarter came to 26.3 million kronor, an increase from 1.3 million kronor in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 2.0% from 0.1% in the year-earlier period.

Total revenue increased 10.1% on an annual basis to 1.31 billion kronor from 1.19 billion kronor, and total operating expenses climbed 7.2% year over year to 1.22 billion kronor from 1.14 billion kronor.

Reported net income totaled 34.4 million kronor, or 12 öre per share, compared to a loss of 11.5 million kronor, or a loss of 4 öre per share, in the year-earlier period.

As of April 23, US$1 was equivalent to 8.65 Swedish kronor.