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Allgon swings to loss in Q1

Allgon AB (publ) said its normalized net income for the first quarter amounted to a loss of 9 Swedish öre per share, compared with 31 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 a loss of 1.6 million kronor, compared with income of 2.8 million kronor in the year-earlier period.

The normalized profit margin fell to negative 4.8% from 9.6% in the year-earlier period.

Total revenue increased 13.0% year over year to 32.8 million kronor from 29.0 million kronor, and total operating expenses rose 43.7% on an annual basis to 35.2 million kronor from 24.5 million kronor.

Reported net income came to a loss of 2.5 million kronor, or a loss of 15 öre per share, compared to income of 4.5 million kronor, or 50 öre per share, in the prior-year period.

As of May 4, US$1 was equivalent to 8.07 Swedish kronor.