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New Wave Group profit misses consensus by 48.8% in Q2

New Wave Group AB (publ) said its second-quarter normalized net income was 32 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 63 öre per share.

EPS declined 9.1% year over year from 36 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.5 million kronor, a decline of 9.1% from 23.6 million kronor in the prior-year period.

The normalized profit margin declined to 1.7% from 2.4% in the year-earlier period.

Total revenue rose 21.2% year over year to 1.19 billion kronor from 983.3 million kronor, and total operating expenses increased 21.8% on an annual basis to 1.14 billion kronor from 933.2 million kronor.

Reported net income decreased 6.8% year over year to 27.2 million kronor, or 41 öre per share, from 29.2 million kronor, or 44 öre per share.

As of Aug. 20, US$1 was equivalent to 8.50 Swedish kronor.