Net Gaming Europe AB (publ) said its normalized net income for the first quarter came to a loss of 475,630 kronor, compared with a loss of 869,380 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 rose to negative 11.7% from negative 53.8% in the year-earlier period.

Total revenue rose on an annual basis to 4.0 million kronor from 1.6 million kronor, and total operating expenses grew 60.7% year over year to 4.8 million kronor from 3.0 million kronor.

Reported net income totaled a loss of 761,000 kronor, or a loss of 1 öre per share, compared to a loss of 1.4 million kronor, or a loss of 2 öre per share, in the prior-year period.

As of May 26, US$1 was equivalent to 8.29 Swedish kronor.