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Sungei Bagan Rubber swings to loss in fiscal Q1

Sungei Bagan Rubber Co. (Malaya) Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 6 Malaysian sen per share, compared with 5 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 4.3 million ringgits, compared with income of 3.1 million ringgits in the year-earlier period.

The normalized profit margin declined to negative 177.0% from 112.0% in the year-earlier period.

Total revenue decreased 13.4% year over year to 2.4 million ringgits from 2.8 million ringgits, and total operating expenses decreased from the prior-year period to 1.9 million ringgits from 2.0 million ringgits.

Reported net income came to a loss of 6.9 million ringgits, or a loss of 10 sen per share, compared to income of 4.8 million ringgits, or 7 sen per share, in the year-earlier period.

As of Nov. 17, US$1 was equivalent to 4.39 ringgits.