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House of Friends Q1 loss narrows YOY

House of Friends AB (publ) said its first-quarter normalized net income amounted to a loss of 133,380 kronor, compared with a loss of 1.7 million kronor in the prior-year period.

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

The normalized profit margin climbed to negative 0.7% from negative 12.2% in the year-earlier period.

Total revenue increased 34.4% year over year to 19.2 million kronor from 14.3 million kronor, and total operating expenses rose 13.6% on an annual basis to 19.3 million kronor from 17.0 million kronor.

Reported net income came to a loss of 249,940 kronor, or a loss of 1 öre per share, compared to a loss of 2.3 million kronor, or a loss of 25 öre per share, in the year-earlier period.

As of May 25, US$1 was equivalent to 8.30 Swedish kronor.