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Karambunai Corp. fiscal Q4 loss narrows YOY

Karambunai Corp. Bhd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 7.3 million ringgits, compared with a loss of 13.4 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 50.3% from negative 62.5% in the year-earlier period.

Total revenue declined 31.9% on an annual basis to 14.5 million ringgits from 21.3 million ringgits, and total operating expenses decreased 38.5% on an annual basis to 26.2 million ringgits from 42.7 million ringgits.

Reported net income came to a loss of 12.8 million ringgits, or a loss of 0 sen per share, compared to a loss of 21.7 million ringgits, or a loss of 0 sen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 27.2 million ringgits, compared with a loss of -29.0 million ringgits in the prior year.

Full-year total revenue fell 67.8% year over year to 50.7 million ringgits from 157.4 million ringgits, and total operating expenses fell 53.4% year over year to 94.0 million ringgits from 201.9 million ringgits.

The company said reported net income totaled a loss of 41.3 million ringgits, or a loss of 1 sen per share, in the full year, compared with a loss of 55.9 million ringgits, or a loss of 2 sen per share, the prior year.

As of July 28, US$1 was equivalent to 3.81 ringgits.