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Tobin Properties swings to profit in Q3

Tobin Properties AB said its normalized net income for the third quarter amounted to 3.87 Swedish kronor per share, compared with a loss of 17 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 31.4 million kronor, compared with a loss of 1.1 million kronor in the prior-year period.

The normalized profit margin climbed to 80.9% from negative 35.0% in the year-earlier period.

Total revenue grew on an annual basis to 38.8 million kronor from 3.1 million kronor, and total operating expenses rose 83.8% on an annual basis to 8.6 million kronor from 4.7 million kronor.

Reported net income totaled 44.3 million kronor, or 5.46 kronor per share, compared to a loss of 7.4 million kronor, or a loss of 1.18 kronor per share, in the year-earlier period.

As of Nov. 29, US$1 was equivalent to 9.20 Swedish kronor.