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Oboya Horticulture swings to profit in Q1

Oboya Horticulture Industries AB said its normalized net income for the first quarter was 3 Swedish öre per share, compared with a loss of 3 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 475,000 kronor, compared with a loss of 399,380 kronor in the prior-year period.

The normalized profit margin increased to 0.6% from negative 1.5% in the year-earlier period.

Total revenue increased year over year to 75.3 million kronor from 26.8 million kronor, and total operating expenses rose from the prior-year period to 74.8 million kronor from 26.4 million kronor.

Reported net income came to 587,000 kronor, or 4 öre per share, compared to a loss of 199,000 kronor, or a loss of 1 öre per share, in the year-earlier period.

As of May 28, US$1 was equivalent to 8.49 Swedish kronor.