MTG reports profit rise but postponed live events weigh (updated)

Modern Times MTG AB

29/04/2021 13:54

(Adds CEO, detail, shares)
    STOCKHOLM, April 29 (Reuters) - Sweden's MTG  MTGb.ST 
reported a rebound in first-quarter earnings on Thursday but the
e-sports and gaming firm said postponed live events continued to
impact business.
    Its shares were down 7% at 1330 GMT after MTG said the
difficult-to-predict pandemic made event scheduling tricky which
resulted in fewer larger sponsorship contracts.
    "The first quarter results were mixed, reflecting the
continuing impact of the pandemic," CEO Maria Redin said in the
report.
    It reported an adjusted operating profit (EBITDA) of 100
million Swedish crowns ($12 million) versus a loss of 21 million
a year earlier, while sales rose to 1 billion crowns from 924
million.
    It reported a loss in earnings per share of 1.43 crowns.
    Despite a difficult quarter, the company launched two new
games and acquired Ninja Kiwi, a mobile games developer.
    ($1 = 8.3353 Swedish crowns)

 (Reporting by Colm Fulton; editing by Helena Soderpalm and
Jason Neely)
 ((Colm.Fulton@thomsonreuters.com;))