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Kumpulan Powernet Q4 loss widens 36.7% YOY

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Kumpulan Powernet Q4 loss widens 36.7% YOY

Kumpulan Powernet Bhd. said its fourth-quarter normalized net income came to a loss of 390,130 ringgits, compared with a loss of 285,380 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 fell to negative 31.5% from negative 15.6% in the year-earlier period.

Total revenue fell 32.6% on an annual basis to 1.2 million ringgits from 1.8 million ringgits, and total operating expenses declined 28.8% on an annual basis to 1.7 million ringgits from 2.4 million ringgits.

Reported net income came to a loss of 626,000 ringgits, or a loss of 1 sen per share, compared to a loss of 477,000 ringgits, or a loss of 1 sen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 4 sen per share, compared with a loss of 4 sen per share in the prior year.

Normalized net income was a loss of 2.1 million ringgits, compared with a loss of 2.4 million ringgits in the prior year.

Full-year total revenue decreased 24.3% year over year to 5.1 million ringgits from 6.7 million ringgits, and total operating expenses fell 20.8% on an annual basis to 8.4 million ringgits from 10.6 million ringgits.

The company said reported net income totaled a loss of 3.3 million ringgits, or a loss of 6 sen per share, in the full year, compared with a loss of 3.9 million ringgits, or a loss of 7 sen per share, the prior year.

As of Feb. 22, US$1 was equivalent to 4.19 ringgits.