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Harn Len Q1 loss widens YOY

Harn Len Corp. Bhd said its first-quarter normalized net income amounted to a loss of 5.5 million ringgits, compared with a loss of 1.3 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 fell to negative 13.3% from negative 2.5% in the year-earlier period.

Total revenue fell 18.3% year over year to 41.3 million ringgits from 50.6 million ringgits, and total operating expenses decreased on an annual basis to 50.4 million ringgits from 51.9 million ringgits.

Reported net income totaled a loss of 8.2 million ringgits, or a loss of 4 sen per share, compared to a loss of 2.0 million ringgits, or a loss of 1 sen per share, in the prior-year period.

As of May 27, US$1 was equivalent to 3.65 ringgits.