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AMTEK Holdings swings to loss in fiscal Q3

AMTEK Holdings Bhd. said its normalized net income for the fiscal third quarter ended March 31 was a loss of 405,630 ringgits, compared with income of 55,000 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 4.4% from 0.4% in the year-earlier period.

Total revenue declined 29.5% year over year to 9.2 million ringgits from 13.1 million ringgits, and total operating expenses decreased 24.2% on an annual basis to 9.5 million ringgits from 12.5 million ringgits.

Reported net income came to a loss of 649,000 ringgits, or a loss of 1 sen per share, compared to income of 51,000 ringgits, or 0 sen per share, in the prior-year period.

As of May 30, US$1 was equivalent to 4.11 ringgits.