Vindico Group AB (publ) said its first-quarter normalized net income came to a loss of 2 Swedish öre per share, compared with a loss of 4 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 a loss of 242,160 kronor, compared with a loss of 378,920 kronor in the prior-year period.

The normalized profit margin increased to negative 14.7% from negative 20.3% in the year-earlier period.

Total revenue declined 12.0% year over year to 1.6 million kronor from 1.9 million kronor, and total operating expenses fell 16.5% year over year to 2.1 million kronor from 2.5 million kronor.

Reported net income came to a loss of 387,460 kronor, or a loss of 4 öre per share, compared to a loss of 606,280 kronor, or a loss of 6 öre per share, in the year-earlier period.

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