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Verisec Q1 loss widens YOY

Verisec AB (publ) said its first-quarter normalized net income came to a loss of 85 Swedish öre per share, compared with a loss of 35 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 3.4 million kronor, compared with a loss of 1.4 million kronor in the year-earlier period.

The normalized profit margin dropped to negative 27.2% from negative 12.1% in the year-earlier period.

Total revenue increased 5.7% year over year to 12.5 million kronor from 11.8 million kronor, and total operating expenses increased 27.7% year over year to 18.1 million kronor from 14.2 million kronor.

Reported net income came to a loss of 5.6 million kronor, or a loss of 1.40 kronor per share, compared to a loss of 2.3 million kronor, or a loss of 57 öre per share, in the prior-year period.

As of May 18, US$1 was equivalent to 8.29 Swedish kronor.