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VA Automotive swings to profit in Q1

VA Automotive i Hässleholm AB (publ) said its first-quarter normalized net income amounted to 4 Swedish öre per share, compared with a loss of 37 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 485,630 kronor, compared with a loss of 5.0 million kronor in the year-earlier period.

The normalized profit margin increased to 0.5% from negative 6.8% in the year-earlier period.

Total revenue rose 35.3% year over year to 99.0 million kronor from 73.1 million kronor, and total operating expenses grew 21.3% year over year to 98.4 million kronor from 81.1 million kronor.

Reported net income came to 793,000 kronor, or 6 öre per share, compared to a loss of 8.2 million kronor, or a loss of 60 öre per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 8.13 Swedish kronor.