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Key Alliance Group Q1 loss widens 62.1% YOY

Key Alliance Group Bhd. said its normalized net income for the first quarter amounted to a loss of 941,380 ringgits, compared with a loss of 580,880 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 12.2% from negative 5.0% in the year-earlier period.

Total revenue declined 33.4% year over year to 7.7 million ringgits from 11.6 million ringgits, and total operating expenses declined 26.2% year over year to 9.1 million ringgits from 12.4 million ringgits.

Reported net income totaled a loss of 1.4 million ringgits, or a loss of 1 sen per share, compared to a loss of 879,000 ringgits, or a loss of 1 sen per share, in the prior-year period.

As of May 31, US$1 was equivalent to 4.11 ringgits.