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Bonava swings to profit in Q1

Bonava AB said its normalized net income for the first quarter came to 68 Swedish öre per share, compared with a loss of 5 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 74.3 million kronor, compared with a loss of 5.9 million kronor in the prior-year period.

The normalized profit margin climbed to 4.3% from negative 0.3% in the year-earlier period.

Total revenue rose 6.4% year over year to 1.88 billion kronor from 1.76 billion kronor, and total operating expenses came to 1.69 billion kronor, compared with 1.69 billion kronor in the year-earlier period.

Reported net income totaled 91.0 million kronor, or 84 öre per share, compared to a loss of 8.0 million kronor, or a loss of 7 öre per share, in the year-earlier period.

As of May 24, US$1 was equivalent to 8.31 Swedish kronor.