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Valoe Q1 loss widens YOY

Valoe Oyj said its normalized net income for the first quarter amounted to a loss of 10 euro cents per share, compared with a loss of 3 cents 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 €401,880, compared with a loss of €109,380 in the year-earlier period.

Total revenue increased year over year to €1.6 million from €126,000, and total operating expenses increased from the prior-year period to €1.8 million from €146,000.

Reported net income totaled a loss of €643,000, or a loss of 15 cents per share, compared to a loss of €174,000, or a loss of 5 cents per share, in the year-earlier period.