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WeSC swings to profit in Q1

WeSC AB said its first-quarter normalized net income amounted to 375,000 kronor, compared with a loss of 6.8 million 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 increased to 0.8% from negative 13.0% in the year-earlier period.

Total revenue fell 10.2% on an annual basis to 46.5 million kronor from 51.8 million kronor, and total operating expenses declined 25.9% year over year to 45.1 million kronor from 60.9 million kronor.

Reported net income totaled 600,000 kronor, or 1 öre per share, compared to a loss of 10.8 million kronor, or a loss of 47 öre per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 8.23 Swedish kronor.