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Formosa Prosonic Industries Q1 loss narrows YOY

Formosa Prosonic Industries Bhd. said its normalized net income for the first quarter amounted to a loss of 553,630 ringgits, compared with a loss of 1.9 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 climbed to negative 0.8% from negative 4.5% in the year-earlier period.

Total revenue grew 58.5% on an annual basis to 69.2 million ringgits from 43.6 million ringgits, and total operating expenses rose 52.9% year over year to 70.0 million ringgits from 45.8 million ringgits.

Reported net income came to 793,000 ringgits, or 0 sen per share, compared to a loss of 2.5 million ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 3.90 ringgits.