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Jackpotjoy swings to profit in Q3

JPJ Group plc said its third-quarter normalized net income was 5 Canadian cents per share, compared with a loss of 4 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$3.9 million, compared with a loss of C$2.6 million in the year-earlier period.

The normalized profit margin increased to 5.8% from negative 4.4% in the year-earlier period.

Total revenue grew 10.3% year over year to C$66.5 million from C$60.3 million, and total operating expenses rose year over year to C$56.3 million from C$55.2 million.

Reported net income came to a loss of C$18.6 million, or a loss of 26 cents per share, compared to a loss of C$8.6 million, or a loss of 12 cents per share, in the prior-year period.