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Opus Group swings to loss in Q1

Opus Group AB said its normalized net income for the first quarter came to a loss of 1.7 million kronor, compared with income of 32.5 million 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 dropped to negative 0.4% from 8.1% in the year-earlier period.

Total revenue declined year over year to 395.1 million kronor from 400.8 million kronor, and total operating expenses decreased from the prior-year period to 377.5 million kronor from 389.4 million kronor.

Reported net income declined 93.3% from the prior-year period to 2.9 million kronor, or 1 öre per share, from 42.9 million kronor, or 16 öre per share.

As of May 12, US$1 was equivalent to 8.18 Swedish kronor.