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WeSC Q3 loss widens YOY

WeSC AB said its normalized net income for the third quarter came to a loss of 8 Swedish öre per share, compared with a loss of 2 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 6.4 million kronor, compared with a loss of 1.0 million kronor in the year-earlier period.

The normalized profit margin fell to negative 16.2% from negative 2.4% in the year-earlier period.

Total revenue declined year over year to 39.4 million kronor from 41.3 million kronor, and total operating expenses climbed 19.8% on an annual basis to 49.0 million kronor from 40.9 million kronor.

Reported net income totaled a loss of 10.2 million kronor, or a loss of 13 öre per share, compared to a loss of 1.6 million kronor, or a loss of 4 öre per share, in the year-earlier period.

As of Nov. 23, US$1 was equivalent to 9.30 Swedish kronor.