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Tecnotree Q1 loss widens 50.0% YOY

Tecnotree Oyj said its normalized net income for the first quarter was a loss of 2 euro cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 2 cents per share.

The per-share loss increased 46.6% year over year from 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €2.3 million, compared with a loss of €1.5 million in the year-earlier period.

The normalized profit margin fell to negative 17.3% from negative 8.8% in the year-earlier period.

Total revenue decreased 24.0% on an annual basis to €13.0 million from €17.1 million, and total operating expenses declined from the prior-year period to €15.3 million from €15.9 million.

Reported net income totaled a loss of €4.5 million, or a loss of 4 cents per share, compared to a loss of €3.3 million, or a loss of 3 cents per share, in the prior-year period.