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Jackpotjoy swings to loss in Q1

Jackpotjoy PLC said its first-quarter normalized net income amounted to a loss of 2 Canadian cents per share, compared with 1 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$627,950, compared with income of C$189,310 in the year-earlier period.

The normalized profit margin declined to negative 3.6% from 11.1% in the year-earlier period.

Total revenue climbed year over year to C$17.4 million from C$1.7 million, and total operating expenses rose on an annual basis to C$17.6 million from C$1.1 million.

Reported net income totaled a loss of C$13.9 million, or a loss of 43 cents per share, compared to a loss of C$1.4 million, or a loss of 10 cents per share, in the year-earlier period.