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Hövding Sverige fiscal Q3 loss widens 33.6% YOY

Hövding Sverige AB said its normalized net income for the fiscal third quarter ended May 31 came to a loss of 7.5 million kronor, compared with a loss of 5.6 million kronor in the year-earlier period.

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

The normalized profit margin fell to negative 160.1% from negative 107.7% in the year-earlier period.

Total revenue fell 10.1% on an annual basis to 4.7 million kronor from 5.2 million kronor, and total operating expenses increased 15.7% from the prior-year period to 16.4 million kronor from 14.2 million kronor.

Reported net income totaled a loss of 12.0 million kronor, or a loss of 2.38 kronor per share, compared to a loss of 8.9 million kronor in the year-earlier period.

As of July 15, US$1 was equivalent to 8.52 Swedish kronor.