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Kernel Holding swings to profit in fiscal Q1

Kernel Holding SA said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 21 cents per share, compared with a loss of 25 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $16.8 million, compared with a loss of $20.4 million in the year-earlier period.

The normalized profit margin increased to 2.9% from negative 4.9% in the year-earlier period.

Total revenue grew 40.3% on an annual basis to $579.2 million from $412.9 million, and total operating expenses increased 19.1% year over year to $518.8 million from $435.7 million.

Reported net income totaled $25.2 million, or 31 cents per share, compared to a loss of $30.4 million, or a loss of 38 cents per share, in the year-earlier period.