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Crayon Group Q1 loss widens YOY

Crayon Group Holding ASA said its normalized net income for the first quarter came to 23.8 million kroner, compared with a loss of 11.4 million 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 fell to negative 1.5% from negative 1.2% in the year-earlier period.

Total revenue climbed 29.4% year over year to 1.24 billion kroner from 960.1 million kroner, and total operating expenses climbed 31.1% year over year to 1.27 billion kroner from 969.7 million kroner.

Reported net income came to a loss of 24.5 million kroner, compared with a loss of 10.9 million kroner in the prior-year period.

As of May 6, US$1 was equivalent to 8.20 Norwegian kroner.