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TDM swings to loss in Q1

TDM Bhd. said its first-quarter normalized net income was a loss of 4.4 million ringgits, compared with income of 12.2 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 dropped to negative 6.1% from 14.0% in the year-earlier period.

Total revenue declined 13.6% year over year to 75.5 million ringgits from 87.4 million ringgits, and total operating expenses climbed 23.6% year over year to 85.0 million ringgits from 68.8 million ringgits.

Reported net income came to a loss of 6.6 million ringgits, or a loss of 0 sen per share, compared to income of 13.9 million ringgits, or 1 sen per share, in the prior-year period.

As of May 26, US$1 was equivalent to 3.64 ringgits.