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Sungei Bagan Rubber swings to loss in fiscal Q3

Sungei Bagan Rubber Co. (Malaya) Bhd. 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 1 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 821,880 ringgits, compared with income of 748,750 ringgits in the prior-year period.

The normalized profit margin fell to negative 58.3% from 36.0% in the year-earlier period.

Total revenue declined 32.2% on an annual basis to 1.4 million ringgits from 2.1 million ringgits, and total operating expenses climbed 11.3% year over year to 1.4 million ringgits from 1.3 million ringgits.

Reported net income came to a loss of 1.4 million ringgits, or a loss of 2 sen per share, compared to income of 906,000 ringgits, or 1 sen per share, in the prior-year period.

As of May 29, US$1 was equivalent to 3.66 ringgits.