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VA Automotive Q2 profit climbs YOY

VA Automotive i Hässleholm AB (publ) said its second-quarter normalized net income was 20 Swedish öre per share, an increase of 97.6% from 10 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.4 million kronor, a gain from 1.4 million kronor in the prior-year period.

The normalized profit margin rose to 3.3% from 1.9% in the year-earlier period.

Total revenue increased 44.0% year over year to 103.5 million kronor from 71.9 million kronor, and total operating expenses increased 24.2% from the prior-year period to 98.5 million kronor from 79.3 million kronor.

Reported net income rose 70.9% from the prior-year period to 3.4 million kronor, or 20 öre per share, from 2.0 million kronor, or 15 öre per share.

As of Aug. 23, US$1 was equivalent to 8.36 Swedish kronor.