Wonderful Times Group AB said its normalized net income for the first quarter amounted to a loss of 1.50 Swedish kronor per share, compared with a loss of 3.56 kronor 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 2.7 million kronor, compared with a loss of 2.1 million kronor in the prior-year period.

The normalized profit margin fell to negative 12.6% from negative 8.0% in the year-earlier period.

Total revenue decreased 17.9% on an annual basis to 21.2 million kronor from 25.8 million kronor, and total operating expenses decreased 15.2% from the prior-year period to 24.9 million kronor from 29.4 million kronor.

Reported net income totaled a loss of 4.3 million kronor, or a loss of 2.41 kronor per share, compared to a loss of 3.3 million kronor, or a loss of 5.70 kronor per share, in the year-earlier period.

As of May 25, US$1 was equivalent to 8.42 Swedish kronor.