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Finnveden Holding Q3 profit climbs 24.8% YOY

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Finnveden Holding Q3 profit climbs 24.8% YOY

Finnveden Holding AB said its third-quarter normalized net income was 1.25 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.27 kronor per share.

EPS climbed 27.4% year over year from 98 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 25.4 million kronor, an increase of 24.8% from 20.3 million kronor in the prior-year period.

The normalized profit margin increased to 4.3% from 3.3% in the year-earlier period.

Total revenue fell year over year to 600.6 million kronor from 617.5 million kronor, and total operating expenses declined from the prior-year period to 561.6 million kronor from 580.5 million kronor.

Reported net income rose 28.2% on an annual basis to 30.5 million kronor, or 1.50 kronor per share, from 23.8 million kronor, or 1.14 kronor per share.

As of Oct. 25, US$1 was equivalent to 8.95 Swedish kronor.