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Jays AB swings to loss in fiscal Q2

Jays Group AB (publ) said its normalized net income for the fiscal second quarter ended Oct. 31 came to a loss of 6 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 öre per share.

The per-share result swung to a loss from the prior-year profit of 13 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.2 million kronor, compared with income of 921,290 kronor in the year-earlier period.

The normalized profit margin fell to negative 8.3% from 4.1% in the year-earlier period.

Total revenue fell 35.9% on an annual basis to 14.2 million kronor from 22.2 million kronor, and total operating expenses declined 20.0% on an annual basis to 16.1 million kronor from 20.1 million kronor.

Reported net income came to a loss of 1.9 million kronor, or a loss of 10 öre per share, compared to income of 1.5 million kronor, or 20 öre per share, in the prior-year period.

As of Dec. 18, US$1 was equivalent to 8.57 Swedish kronor.