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ManagePay Systems swings to loss in Q1

ManagePay Systems Bhd. said its normalized net income for the first quarter was a loss of 865,000 ringgits, compared with income of 250,000 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 72.8% from 7.6% in the year-earlier period.

Total revenue declined 64.0% on an annual basis to 1.2 million ringgits from 3.3 million ringgits, and total operating expenses climbed 8.5% year over year to 3.2 million ringgits from 2.9 million ringgits.

Reported net income totaled a loss of 1.6 million ringgits, or a loss of 0 sen per share, compared to income of 110,850 ringgits, or 0 sen per share, in the prior-year period.

As of May 27, US$1 was equivalent to 4.08 ringgits.