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EastLand Equity swings to loss in Q2

EastLand Equity Bhd said its normalized net income for the second quarter came to a loss of 1.1 million ringgits, compared with income of 962,470 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 18.8% from 10.3% in the year-earlier period.

Total revenue fell 35.1% on an annual basis to 6.0 million ringgits from 9.3 million ringgits, and total operating expenses fell 5.4% year over year to 7.4 million ringgits from 7.8 million ringgits.

Reported net income totaled a loss of 2.1 million ringgits, or a loss of 1 sen per share, compared to income of 1.2 million ringgits, or 1 sen per share, in the year-earlier period.

As of Aug. 17, US$1 was equivalent to 4.01 ringgits.