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WeSC Q2 loss narrows YOY

WeSC AB said its second-quarter normalized net income amounted to a loss of 12 Swedish öre per share, compared with a loss of 24 öre per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 8.2 million kronor, compared with a loss of 10.0 million kronor in the year-earlier period.

The normalized profit margin increased to negative 35.4% from negative 60.2% in the year-earlier period.

Total revenue grew 39.2% year over year to 23.1 million kronor from 16.6 million kronor, and total operating expenses climbed 17.3% on an annual basis to 35.2 million kronor from 30.0 million kronor.

Reported net income totaled a loss of 13.1 million kronor, or a loss of 19 öre per share, compared to a loss of 16.0 million kronor, or a loss of 39 öre per share, in the year-earlier period.

As of Aug. 31, US$1 was equivalent to 8.57 Swedish kronor.