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Paragon Union Q2 loss narrows YOY

Paragon Union Berhad said its second-quarter normalized net income came to a loss of 37,500 ringgits, compared with a loss of 600,630 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 climbed to negative 0.2% from negative 5.0% in the year-earlier period.

Total revenue increased 41.6% on an annual basis to 16.9 million ringgits from 12.0 million ringgits, and total operating expenses grew 32.1% on an annual basis to 16.6 million ringgits from 12.6 million ringgits.

Reported net income totaled a loss of 60,000 ringgits, or a loss of 0 sen per share, compared to a loss of 961,000 ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of Aug. 20, US$1 was equivalent to 4.12 ringgits.