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SAG GEST Q1 loss widens 31.0% YOY

SAG GEST - Soluções Automóvel Globais SGPS SA said its first-quarter normalized net income amounted to a loss of €1.4 million, compared with a loss of €1.1 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 0.9% from negative 1.1% in the year-earlier period.

Total revenue grew 45.9% year over year to €153.3 million from €105.0 million, and total operating expenses increased 45.4% from the prior-year period to €149.6 million from €102.9 million.

Reported net income came to a loss of €3.1 million, or a loss of 2 cents per share, compared to a loss of €2.4 million, or a loss of 2 cents per share, in the prior-year period.