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Sedania Innovator swings to loss in Q1

Sedania Innovator Bhd. said its first-quarter normalized net income was a loss of 480,630 ringgits, compared with income of 660,000 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 dropped to negative 27.0% from 25.6% in the year-earlier period.

Total revenue fell 30.9% on an annual basis to 1.8 million ringgits from 2.6 million ringgits, and total operating expenses rose 81.9% year over year to 2.9 million ringgits from 1.6 million ringgits.

Reported net income totaled a loss of 777,000 ringgits, or a loss of 0 sen per share, compared to income of 1.5 million ringgits, or 1 sen per share, in the prior-year period.

As of May 23, US$1 was equivalent to 4.09 ringgits.