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New Equity Venture International swings to loss in Q3

New Equity Venture International AB said its third-quarter normalized net income amounted to a loss of 23 Swedish öre per share, compared with 2.49 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 692,520 kronor, compared with income of 6.5 million kronor in the prior-year period.

The normalized profit margin fell to negative 12.6% from 42.8% in the year-earlier period.

Total revenue decreased 63.9% on an annual basis to 5.5 million kronor from 15.2 million kronor, and total operating expenses decreased 59.1% on an annual basis to 7.0 million kronor from 17.2 million kronor.

Reported net income totaled a loss of 1.1 million kronor, or a loss of 38 öre per share, compared to income of 10.2 million kronor, or 3.91 kronor per share, in the prior-year period.

As of Oct. 27, US$1 was equivalent to 9.05 Swedish kronor.