Unlimited Travel Group UTG AB said its first-quarter normalized net income came to a loss of 52 Swedish öre per share, compared with a loss of 39 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 2.3 million kronor, compared with a loss of 1.7 million kronor in the year-earlier period.

The normalized profit margin dropped to negative 2.8% from negative 2.3% in the year-earlier period.

Total revenue grew 5.9% on an annual basis to 80.5 million kronor from 76.0 million kronor, and total operating expenses climbed 6.5% on an annual basis to 84.1 million kronor from 79.0 million kronor.

Reported net income came to a loss of 2.8 million kronor, or a loss of 64 öre per share, compared to a loss of 2.2 million kronor, or a loss of 50 öre per share, in the prior-year period.

As of May 30, US$1 was equivalent to 8.34 Swedish kronor.