Clemondo Group AB said its first-quarter normalized net income came to 2.5 million kronor, compared with a loss of 608,130 kronor in the year-earlier period.

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

The normalized profit margin declined to negative 8.4% from negative 1.7% in the year-earlier period.

Total revenue fell 13.5% year over year to 30.2 million kronor from 35.0 million kronor, and total operating expenses decreased 5.1% on an annual basis to 33.8 million kronor from 35.7 million kronor.

Reported net income came to a loss of 3.3 million kronor, compared with a loss of 990,000 kronor, or a loss of 8 öre per share, in the prior-year period.

As of May 16, US$1 was equivalent to 8.24 Swedish kronor.