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NPC Resources swings to loss in Q1

NPC Resources Berhad said its normalized net income for the first quarter amounted to a loss of 2 Malaysian sen per share, compared with 4 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 2.1 million ringgits, compared with income of 4.8 million ringgits in the prior-year period.

The normalized profit margin fell to negative 3.3% from 4.1% in the year-earlier period.

Total revenue declined 44.2% year over year to 65.5 million ringgits from 117.4 million ringgits, and total operating expenses fell 35.1% from the prior-year period to 69.0 million ringgits from 106.3 million ringgits.

Reported net income totaled a loss of 3.3 million ringgits, or a loss of 3 sen per share, compared to income of 5.3 million ringgits, or 4 sen per share, in the prior-year period.

As of May 22, US$1 was equivalent to 3.60 ringgits.