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Europris swings to profit in Q1

Europris ASA said its first-quarter normalized net income was 3 Norwegian øre per share, compared with a loss of 18 øre per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.1 million kroner, compared with a loss of 26.7 million kroner in the year-earlier period.

The normalized profit margin rose to 0.5% from negative 3.1% in the year-earlier period.

Total revenue grew 15.4% year over year to 985.4 million kroner from 853.8 million kroner, and total operating expenses rose 10.7% from the prior-year period to 942.0 million kroner from 851.1 million kroner.

Reported net income came to 6.0 million kroner, or 4 øre per share, compared to a loss of 51.5 million kroner, or a loss of 35 øre per share, in the prior-year period.

As of May 5, US$1 was equivalent to 7.57 Norwegian kroner.