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Polaris Media swings to loss in Q1

Polaris Media ASA said its first-quarter normalized net income amounted to a loss of 21 Norwegian øre per share, compared with 17 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 a loss of 10.5 million kroner, compared with income of 7.4 million kroner in the prior-year period.

The normalized profit margin dropped to negative 3.0% from 1.8% in the year-earlier period.

Total revenue decreased 8.3% on an annual basis to 376.3 million kroner from 410.5 million kroner, and total operating expenses fell from the prior-year period to 391.3 million kroner from 403.8 million kroner.

Reported net income totaled a loss of 12.5 million kroner, or a loss of 25 øre per share, compared to income of 12.3 million kroner, or 29 øre per share, in the prior-year period.

As of April 26, US$1 was equivalent to 8.15 Norwegian kroner.