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Malayan United Industries swings to loss in Q3

Malayan United Industries Bhd. said its third-quarter normalized net income came to a loss of 3.1 million ringgits, compared with income of 5.1 million 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 dropped to negative 2.6% from 4.2% in the year-earlier period.

Total revenue decreased year over year to 118.0 million ringgits from 119.8 million ringgits, and total operating expenses grew from the prior-year period to 109.5 million ringgits from 107.7 million ringgits.

Reported net income came to a loss of 21.8 million ringgits, or a loss of 1 sen per share, compared to a loss of 2.3 million ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of Nov. 24, US$1 was equivalent to 4.22 ringgits.