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Genetec Technology swings to loss in fiscal Q3

Genetec Technology Bhd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 13 Malaysian sen per share, compared with 5 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.7 million ringgits, compared with income of 1.7 million ringgits in the year-earlier period.

The normalized profit margin declined to negative 23.6% from 4.4% in the year-earlier period.

Total revenue decreased 49.6% on an annual basis to 19.8 million ringgits from 39.3 million ringgits, and total operating expenses declined 27.6% from the prior-year period to 25.9 million ringgits from 35.8 million ringgits.

Reported net income came to a loss of 2.0 million ringgits, or a loss of 6 sen per share, compared to income of 1.6 million ringgits, or 4 sen per share, in the year-earlier period.

As of Feb. 24, US$1 was equivalent to 4.24 ringgits.