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Asia Brands fiscal Q3 loss widens YOY

Asia Brands Bhd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 5 Malaysian sen per share, compared with a loss of 2 sen 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 3.9 million ringgits, compared with a loss of 1.7 million ringgits in the prior-year period.

The normalized profit margin declined to negative 6.9% from negative 2.2% in the year-earlier period.

Total revenue decreased 27.0% year over year to 56.7 million ringgits from 77.7 million ringgits, and total operating expenses declined 23.2% from the prior-year period to 59.9 million ringgits from 78.0 million ringgits.

Reported net income came to a loss of 5.6 million ringgits, or a loss of 7 sen per share, compared to a loss of 3.9 million ringgits, or a loss of 5 sen per share, in the year-earlier period.

As of Feb. 26, US$1 was equivalent to 4.20 ringgits.