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GPA Holdings swings to loss in fiscal Q2

GPA Holdings Bhd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 1.6 million ringgits, compared with income of 264,630 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 declined to negative 4.6% from 0.6% in the year-earlier period.

Total revenue decreased 23.0% on an annual basis to 35.1 million ringgits from 45.5 million ringgits, and total operating expenses declined 15.0% from the prior-year period to 39.5 million ringgits from 46.5 million ringgits.

Reported net income totaled a loss of 2.6 million ringgits, or a loss of 0 sen per share, compared to income of 143,000 ringgits, or 0 sen per share, in the year-earlier period.

As of Nov. 27, US$1 was equivalent to 3.35 ringgits.