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DONG Energy swings to loss in Q1

Dong Energy A/S said its first-quarter normalized net income was 247.1 million kroner, compared with income of 2.68 billion kroner in the year-earlier period.

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

The normalized profit margin dropped to negative 1.3% from 11.7% in the year-earlier period.

Total revenue declined 25.9% on an annual basis to 16.95 billion kroner from 22.89 billion kroner, and total operating expenses fell 8.9% from the prior-year period to 16.33 billion kroner from 17.92 billion kroner.

Reported net income totaled 155.0 million kroner, compared with 3.21 billion kroner in the year-earlier period.

As of April 28, US$1 was equivalent to 6.79 Danish kroner.