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West International Q1 loss widens YOY

Westpay AB said its normalized net income for the first quarter was a loss of 718,750 kronor, compared with a loss of 110,630 kronor in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 5.2% from negative 0.7% in the year-earlier period.

Total revenue decreased 16.6% year over year to 13.9 million kronor from 16.7 million kronor, and total operating expenses fell 10.8% from the prior-year period to 15.0 million kronor from 16.9 million kronor.

Reported net income came to a loss of 751,160 kronor, or a loss of 4 öre per share, compared to a loss of 187,790 kronor, or a loss of 1 öre per share, in the prior-year period.

As of May 19, US$1 was equivalent to 8.35 Swedish kronor.