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Fujiya swings to loss in Q1

ABM Fujiya Bhd. said its first-quarter normalized net income amounted to a loss of 501,250 ringgits, compared with income of 1.1 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 dropped to negative 2.1% from 4.1% in the year-earlier period.

Total revenue fell 8.5% year over year to 23.6 million ringgits from 25.8 million ringgits, and total operating expenses came to 23.1 million ringgits, compared with 22.9 million ringgits in the prior-year period.

Reported net income totaled a loss of 961,000 ringgits, or a loss of 1 sen per share, compared to income of 1.1 million ringgits, or 1 sen per share, in the prior-year period.

As of May 27, US$1 was equivalent to 3.65 ringgits.