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New Equity Venture International swings to profit in Q2

New Equity Venture International AB said its second-quarter normalized net income amounted to 2.22 Swedish kronor per share, compared with a loss of 66 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 5.8 million kronor, compared with a loss of 2.1 million kronor in the year-earlier period.

The normalized profit margin climbed to negative 4.4% from negative 5.9% in the year-earlier period.

Total revenue decreased 48.2% year over year to 18.2 million kronor from 35.1 million kronor, and total operating expenses fell 47.9% year over year to 19.9 million kronor from 38.1 million kronor.

Reported net income came to 9.0 million kronor, or 3.48 kronor per share, compared to a loss of 3.1 million kronor, or a loss of 100 öre per share, in the year-earlier period.

As of Aug. 17, US$1 was equivalent to 8.53 Swedish kronor.