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Moment Group swings to loss in Q1

Moment Group AB said its first-quarter normalized net income came to a loss of 35 Swedish öre per share, compared with 73 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.1 million kronor, compared with income of 10.5 million kronor in the year-earlier period.

The normalized profit margin fell to negative 2.8% from 3.9% in the year-earlier period.

Total revenue fell 33.3% on an annual basis to 180.6 million kronor from 271.0 million kronor, and total operating expenses declined 25.7% from the prior-year period to 189.6 million kronor from 255.3 million kronor.

Reported net income came to a loss of 6.7 million kronor, or a loss of 46 öre per share, compared to income of 11.5 million kronor, or 80 öre per share, in the prior-year period.

As of May 3, US$1 was equivalent to 8.02 Swedish kronor.