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WeSC swings to loss in Q1

WeSC AB said its first-quarter normalized net income came to a loss of 6.6 million kronor, compared with income of 375,000 kronor in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 17.0% from 0.8% in the year-earlier period.

Total revenue fell 17.0% on an annual basis to 38.6 million kronor from 46.5 million kronor, and total operating expenses grew on an annual basis to 46.4 million kronor from 45.1 million kronor.

Reported net income totaled a loss of 10.5 million kronor, or a loss of 16 öre per share, compared to income of 600,000 kronor, or 1 öre per share, in the year-earlier period.

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