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JCY International swings to loss in fiscal Q2

JCY International Berhad said its normalized net income for the fiscal second quarter ended March 31 was a loss of 2.3 million ringgits, compared with income of 32.8 million 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 0.5% from 6.4% in the year-earlier period.

Total revenue fell 10.1% on an annual basis to 457.3 million ringgits from 508.8 million ringgits, and total operating expenses declined 6.2% on an annual basis to 437.5 million ringgits from 466.2 million ringgits.

Reported net income totaled a loss of 6.4 million ringgits, or a loss of 0 sen per share, compared to income of 51.2 million ringgits, or 2 sen per share, in the prior-year period.

As of May 19, US$1 was equivalent to 4.09 ringgits.