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Hwa Tai Industries Q1 loss narrows YOY

Hwa Tai Industries Bhd. said its first-quarter normalized net income came to a loss of 152,000 ringgits, compared with a loss of 316,880 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 0.9% from negative 2.0% in the year-earlier period.

Total revenue increased on an annual basis to 16.5 million ringgits from 16.0 million ringgits, and total operating expenses climbed year over year to 16.5 million ringgits from 16.3 million ringgits.

Reported net income came to a loss of 245,000 ringgits, or a loss of 1 sen per share, compared to a loss of 507,000 ringgits, or a loss of 1 sen per share, in the prior-year period.

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