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WeSC Q3 loss narrows YOY

WeSC AB said its normalized net income for the third quarter amounted to a loss of 2 Swedish öre per share, compared with a loss of 11 öre per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.0 million kronor, compared with a loss of 3.7 million kronor in the year-earlier period.

The normalized profit margin rose to negative 2.4% from negative 7.0% in the year-earlier period.

Total revenue fell 21.9% on an annual basis to 41.3 million kronor from 52.9 million kronor, and total operating expenses fell 27.1% year over year to 40.9 million kronor from 56.1 million kronor.

Reported net income came to a loss of 1.6 million kronor, or a loss of 4 öre per share, compared to a loss of 5.9 million kronor, or a loss of 18 öre per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 8.66 Swedish kronor.