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Umida Group Q3 loss narrows YOY

Umida Group AB said its normalized net income for the third quarter came to a loss of 32 Swedish öre per share, compared with a loss of 7.55 kronor per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 703,750 kronor, compared with a loss of 1.7 million kronor in the prior-year period.

The normalized profit margin was 132.8%.

Total revenue increased on an annual basis to 530,000 kronor from 126,000 kronor, and total operating expenses decreased 42.4% year over year to 1.6 million kronor from 2.7 million kronor.

Reported net income came to a loss of 1.1 million kronor, or a loss of 52 öre per share, compared to a loss of 2.7 million kronor, or a loss of 12.08 kronor per share, in the prior-year period.

As of Nov. 20, US$1 was equivalent to 8.68 Swedish kronor.