Unlimited Travel Group UTG AB said its first-quarter normalized net income was a loss of 66 Swedish öre per share, compared with a loss of 65 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 2.9 million kronor, compared with a loss of 2.9 million kronor in the year-earlier period.

The normalized profit margin climbed to negative 2.3% from negative 4.2% in the year-earlier period.

Total revenue grew 12.2% on an annual basis to 76.0 million kronor from 67.7 million kronor, and total operating expenses rose 11.3% on an annual basis to 80.8 million kronor from 72.6 million kronor.

Reported net income came to a loss of 4.0 million kronor, or a loss of 92 öre per share, compared to a loss of 4.1 million kronor, or a loss of 93 öre per share, in the prior-year period.

As of May 19, US$1 was equivalent to 8.36 Swedish kronor.