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Spring Gallery swings to loss in fiscal Q3

Spring Gallery Bhd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 31,880 ringgits, compared with income of 1.7 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 declined to negative 0.4% from 17.0% in the year-earlier period.

Total revenue declined 14.5% year over year to 8.3 million ringgits from 9.8 million ringgits, and total operating expenses totaled 7.8 million ringgits, compared with 7.9 million ringgits in the prior-year period.

Reported net income totaled a loss of 276,000 ringgits, or a loss of 0 sen per share, compared to income of 2.2 million ringgits, or 2 sen per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 4.08 ringgits.