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SSM Holding Q2 profit climbs 77.6% YOY

SSM Holding AB said its normalized net income for the second quarter was 80 Swedish öre per share, an increase from 28 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.7 million kronor, a gain of 77.6% from 8.3 million kronor in the prior-year period.

The normalized profit margin fell to 11.3% from 12.3% in the year-earlier period.

Total revenue rose 93.4% on an annual basis to 130.1 million kronor from 67.3 million kronor, and total operating expenses grew 97.2% year over year to 108.1 million kronor from 54.8 million kronor.

Reported net income rose 91.1% on an annual basis to 23.4 million kronor, or 1.28 kronor per share, from 12.3 million kronor, or 41 öre per share.

As of Aug. 26, US$1 was equivalent to 8.41 Swedish kronor.