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Silver Ridge Q1 loss narrows YOY

Silver Ridge Holdings Bhd. said its normalized net income for the first quarter amounted to a loss of 537,500 ringgits, compared with a loss of 1.1 million ringgits in the year-earlier period.

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

The normalized profit margin rose to negative 8.0% from negative 10.2% in the year-earlier period.

Total revenue decreased 37.3% year over year to 6.7 million ringgits from 10.7 million ringgits, and total operating expenses declined 40.2% from the prior-year period to 7.4 million ringgits from 12.4 million ringgits.

Reported net income came to a loss of 860,000 ringgits, or a loss of 1 sen per share, compared to a loss of 1.7 million ringgits, or a loss of 1 sen per share, in the prior-year period.

As of May 25, US$1 was equivalent to 4.10 ringgits.