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Tobin Properties Q1 loss widens YOY

Tobin Properties AB said its normalized net income for the first quarter came to a loss of 77 Swedish öre per share, compared with a loss of 27 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 6.3 million kronor, compared with a loss of 1.7 million kronor in the year-earlier period.

The normalized profit margin increased to negative 43.3% from negative 134.3% in the year-earlier period.

Total revenue rose year over year to 12.2 million kronor from 1.3 million kronor, and total operating expenses grew year over year to 7.7 million kronor from 3.9 million kronor.

Reported net income totaled a loss of 5.6 million kronor, or a loss of 69 öre per share, compared to a loss of 1.9 million kronor, or a loss of 31 öre per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 8.18 Swedish kronor.