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Orion IXL Q1 loss widens YOY

Orion IXL Bhd. said its first-quarter normalized net income came to a loss of 295,380 ringgits, compared with a loss of 113,630 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 33.2% from negative 17.6% in the year-earlier period.

Total revenue increased 37.9% on an annual basis to 891,000 ringgits from 646,000 ringgits, and total operating expenses climbed on an annual basis to 1.5 million ringgits from 1.5 million ringgits.

Reported net income came to a loss of 520,000 ringgits, or a loss of 0 sen per share, compared to a loss of 420,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of May 31, US$1 was equivalent to 4.11 ringgits.