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Scandinavian Brake Systems Q1 profit falls YOY

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Scandinavian Brake Systems Q1 profit falls YOY

Scandinavian Brake Systems A/S said its normalized net income for the first quarter came to 29 Danish øre per share, a decline of 61.2% from 75 øre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 937,500 kroner, a decrease of 61.5% from 2.4 million kroner in the year-earlier period.

The normalized profit margin fell to 0.5% from 0.9% in the year-earlier period.

Total revenue fell 26.5% year over year to 196.2 million kroner from 266.8 million kroner, and total operating expenses fell 25.8% year over year to 188.5 million kroner from 254.0 million kroner.

Reported net income decreased 63.0% year over year to 1.0 million kroner, or 31 øre per share, from 2.7 million kroner, or 83 øre per share.

As of April 24, US$1 was equivalent to 6.87 Danish kroner.