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Edaran swings to loss in fiscal Q3

Edaran Berhad said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 1 Malaysian sen per share, compared with 2 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 833,000 ringgits, compared with income of 867,500 ringgits in the year-earlier period.

The normalized profit margin dropped to negative 10.1% from 5.0% in the year-earlier period.

Total revenue declined 52.1% on an annual basis to 8.3 million ringgits from 17.3 million ringgits, and total operating expenses fell 38.6% from the prior-year period to 9.6 million ringgits from 15.6 million ringgits.

Reported net income totaled a loss of 1.5 million ringgits, or a loss of 3 sen per share, compared to income of 1.5 million ringgits, or 3 sen per share, in the year-earlier period.

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