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Basware swings to loss in Q1

Basware Oyj said its normalized net income for the first quarter came to a loss of 17 euro cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 28 cents per share.

The per-share result swung to a loss from the prior-year profit of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €2.4 million, compared with income of €535,000 in the prior-year period.

The normalized profit margin fell to negative 6.9% from 1.6% in the year-earlier period.

Total revenue came to €34.1 million, compared with €34.0 million in the year-earlier period, and total operating expenses rose 11.9% on an annual basis to €36.8 million from €32.9 million.

Reported net income came to a loss of €3.0 million, or a loss of 21 cents per share, compared to income of €566,350, or 4 cents per share, in the prior-year period.