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Panpages swings to loss in Q1

MSCM Holdings Bhd. said its first-quarter normalized net income was a loss of 1.7 million ringgits, compared with income of 19,870 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 fell to negative 31.8% from 0.3% in the year-earlier period.

Total revenue declined 20.1% on an annual basis to 4.6 million ringgits from 5.7 million ringgits, and total operating expenses climbed 7.8% from the prior-year period to 7.2 million ringgits from 6.7 million ringgits.

Reported net income came to a loss of 2.7 million ringgits, or a loss of 1 sen per share, compared to income of 42,650 ringgits, or 0 sen per share, in the prior-year period.

As of May 26, US$1 was equivalent to 4.06 ringgits.