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Umida Group Q1 loss widens 31.1% YOY

Umida Group AB said its normalized net income for the first quarter was a loss of 1.31 Swedish kronor per share, compared with a loss of 6.33 kronor 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 1.9 million kronor, compared with a loss of 1.4 million kronor in the prior-year period.

Total revenue rose year over year to 375,000 kronor from 162,000 kronor, and total operating expenses increased 41.3% from the prior-year period to 3.3 million kronor from 2.3 million kronor.

Reported net income totaled a loss of 3.0 million kronor, or a loss of 2.09 kronor per share, compared to a loss of 2.3 million kronor, or a loss of 10.13 kronor per share, in the prior-year period.

As of May 20, US$1 was equivalent to 8.36 Swedish kronor.