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Tobin Properties Q2 profit climbs YOY

Tobin Properties AB said its second-quarter normalized net income came to 70 Swedish öre per share, a gain from 19 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 5.7 million kronor, a gain from 1.2 million kronor in the year-earlier period.

The normalized profit margin fell to negative 146.5% from 42.7% in the year-earlier period.

Total revenue climbed year over year to 11.8 million kronor from 2.7 million kronor, and total operating expenses climbed 75.9% year over year to 7.8 million kronor from 4.4 million kronor.

Reported net income totaled 10.9 million kronor, or 1.34 kronor per share, compared to a loss of 4.7 million kronor, or a loss of 75 öre per share, in the prior-year period.

As of Aug. 26, US$1 was equivalent to 8.41 Swedish kronor.