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Kongsberg Automotive swings to loss in Q2

Kongsberg Automotive ASA said its normalized net income for the second quarter amounted to a loss of €4.6 million, compared with income of €5.9 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 2.9% from 2.3% in the year-earlier period.

Total revenue rose on an annual basis to €266.0 million from €254.4 million, and total operating expenses climbed 14.5% on an annual basis to €270.8 million from €236.6 million.

Reported net income came to a loss of €9.8 million, or a loss of 2 cents per share, compared to income of €4.1 million, or 1 cents per share, in the prior-year period.