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Green Ocean fiscal Q2 loss narrows YOY

Green Ocean Corp. Berhad said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 360,000 ringgits, compared with a loss of 1.0 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 rose to negative 7.1% from negative 50.8% in the year-earlier period.

Total revenue climbed year over year to 5.0 million ringgits from 2.0 million ringgits, and total operating expenses rose 58.8% on an annual basis to 5.6 million ringgits from 3.5 million ringgits.

Reported net income totaled a loss of 576,000 ringgits, or a loss of 0 sen per share, compared to a loss of 1.6 million ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of Nov. 28, US$1 was equivalent to 3.38 ringgits.