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New Wave Group Q1 loss narrows YOY

New Wave Group AB (publ) said its normalized net income for the first quarter amounted to a loss of 5 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of a loss of 10 öre per share.

The per-share loss narrowed 65.2% year over year from 13 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 3.1 million kronor, compared with a loss of 8.8 million kronor in the prior-year period.

The normalized profit margin climbed to negative 0.3% from negative 0.8% in the year-earlier period.

Total revenue rose on an annual basis to 1.13 billion kronor from 1.10 billion kronor, and total operating expenses grew on an annual basis to 1.12 billion kronor from 1.08 billion kronor.

Reported net income came to a loss of 4.0 million kronor, or a loss of 6 öre per share, compared to a loss of 11.3 million kronor, or a loss of 17 öre per share, in the prior-year period.

As of April 21, US$1 was equivalent to 8.11 Swedish kronor.