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Oversea Enterprise fiscal Q1 loss widens 54.4% YOY

Oversea Enterprise Bhd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 387,380 ringgits, compared with a loss of 250,880 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 dropped to negative 3.1% from negative 2.0% in the year-earlier period.

Total revenue came to 12.6 million ringgits, compared with 12.5 million ringgits in the year-earlier period, and total operating expenses climbed year over year to 13.2 million ringgits from 12.9 million ringgits.

Reported net income totaled a loss of 760,000 ringgits, or a loss of 0 sen per share, compared to a loss of 575,000 ringgits, or a loss of 0 sen per share, in the prior-year period.

As of Aug. 26, US$1 was equivalent to 3.16 ringgits.