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Paynova Q1 loss widens 82.3% YOY

Paynova AB said its normalized net income for the first quarter was a loss of 1 Swedish öre per share, compared with a loss of 1 öre 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 2.8 million kronor, compared with a loss of 1.5 million kronor in the prior-year period.

The normalized profit margin fell to negative 47.3% from negative 25.2% in the year-earlier period.

Total revenue declined year over year to 5.9 million kronor from 6.1 million kronor, and total operating expenses grew 21.6% from the prior-year period to 10.5 million kronor from 8.6 million kronor.

Reported net income came to a loss of 5.3 million kronor, or a loss of 2 öre per share, compared to a loss of 2.5 million kronor, or a loss of 2 öre per share, in the prior-year period.

As of May 10, US$1 was equivalent to 8.15 Swedish kronor.