Simris Alg AB said its normalized net income for the first quarter amounted to a loss of 44 Swedish öre per share, compared with a loss of 38 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 3.0 million kronor, compared with a loss of 1.7 million kronor in the prior-year period.

Total revenue grew year over year to 119,000 kronor from 21,000 kronor, and total operating expenses grew 71.4% from the prior-year period to 4.7 million kronor from 2.7 million kronor.

Reported net income totaled a loss of 4.8 million kronor, or a loss of 71 öre per share, compared to a loss of 2.7 million kronor, or a loss of 60 öre per share, in the year-earlier period.

As of May 18, US$1 was equivalent to 8.29 Swedish kronor.