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Asia Brands swings to loss in fiscal Q1

Asia Brands Bhd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 10 Malaysian sen per share, compared with 8 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 8.0 million ringgits, compared with income of 6.3 million ringgits in the year-earlier period.

The normalized profit margin dropped to negative 13.8% from 7.9% in the year-earlier period.

Total revenue decreased 27.5% year over year to 57.8 million ringgits from 79.7 million ringgits, and total operating expenses came to 68.1 million ringgits, compared with 67.6 million ringgits in the prior-year period.

Reported net income totaled a loss of 9.1 million ringgits, or a loss of 12 sen per share, compared to income of 7.3 million ringgits, or 9 sen per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 4.07 ringgits.