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Borneo Oil swings to profit in fiscal Q3

Borneo Oil Bhd. said its normalized net income for the fiscal third quarter ended Oct. 31 came to 918,750 ringgits, compared with a loss of 166,250 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 4.3% from negative 1.6% in the year-earlier period.

Total revenue rose on an annual basis to 21.2 million ringgits from 10.5 million ringgits, and total operating expenses climbed 82.0% from the prior-year period to 19.5 million ringgits from 10.7 million ringgits.

Reported net income totaled 1.5 million ringgits, or 0 sen per share, compared to a loss of 366,000 ringgits, or a loss of 0 sen per share, in the prior-year period.

As of Dec. 31, US$1 was equivalent to 3.50 ringgits.