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Star Vault swings to profit in Q1

Star Vault AB (publ) said its first-quarter normalized net income came to 121,960 kronor, compared with a loss of 322,830 kronor in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 18.9% from negative 56.3% in the year-earlier period.

Total revenue rose 12.5% on an annual basis to 645,010 kronor from 573,150 kronor, and total operating expenses fell 58.7% year over year to 449,880 kronor from 1.1 million kronor.

Reported net income totaled 195,130 kronor, or 0 öre per share, compared to a loss of 516,530 kronor, or a loss of 1 öre per share, in the prior-year period.

As of May 20, US$1 was equivalent to 8.34 Swedish kronor.