Mavshack AB said its normalized net income for the first quarter came to a loss of 3 Swedish öre per share, compared with a loss of 22 öre 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 3.0 million kronor, compared with a loss of 7.9 million kronor in the year-earlier period.

The normalized profit margin was 67.1%.

Total revenue grew on an annual basis to 4.5 million kronor from 52,300 kronor, and total operating expenses fell 5.3% from the prior-year period to 10.6 million kronor from 11.2 million kronor.

Reported net income totaled a loss of 5.2 million kronor, or a loss of 5 öre per share, compared to a loss of 12.6 million kronor, or a loss of 35 öre per share, in the prior-year period.

As of May 4, US$1 was equivalent to 8.07 Swedish kronor.