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Q-Free ASA Q1 loss narrows YOY

Q-Free ASA said its normalized net income for the first quarter came to a loss of 12 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of a loss of 18 øre per share.

The per-share loss decreased 37.7% year over year from 20 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 8.7 million kroner, compared with a loss of 13.9 million kroner in the prior-year period.

The normalized profit margin climbed to negative 4.2% from negative 7.3% in the year-earlier period.

Total revenue increased 14.7% year over year to 219.0 million kroner from 190.9 million kroner, and total operating expenses grew 17.6% from the prior-year period to 228.0 million kroner from 193.9 million kroner.

Reported net income came to a loss of 7.7 million kroner, or a loss of 11 øre per share, compared to a loss of 29.4 million kroner, or a loss of 42 øre per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 8.16 Norwegian kroner.