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Umida Group Q2 loss widens YOY

Umida Group AB said its normalized net income for the second quarter was a loss of 21 Swedish öre per share, compared with a loss of 1.25 kronor per share in the year-earlier 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 1.9 million kronor in the year-earlier period.

The normalized profit margin was 10.0%.

Total revenue climbed on an annual basis to 14.7 million kronor from 78,000 kronor, and total operating expenses climbed year over year to 17.6 million kronor from 3.0 million kronor.

Reported net income came to a loss of 3.0 million kronor, or a loss of 33 öre per share, compared to a loss of 3.0 million kronor, or a loss of 2.00 kronor per share, in the prior-year period.

As of Aug. 31, US$1 was equivalent to 8.57 Swedish kronor.