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EastLand Equity Q1 loss widens YOY

EastLand Equity Bhd said its normalized net income for the first quarter amounted to a loss of 1.1 million ringgits, compared with a loss of 315,600 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 declined to negative 20.6% from negative 4.0% in the year-earlier period.

Total revenue fell 31.1% on an annual basis to 5.4 million ringgits from 7.8 million ringgits, and total operating expenses decreased 19.8% on an annual basis to 6.7 million ringgits from 8.3 million ringgits.

Reported net income came to a loss of 1.9 million ringgits, or a loss of 1 sen per share, compared to income of 29.8 million ringgits, or 12 sen per share, in the year-earlier period.

As of May 23, US$1 was equivalent to 4.09 ringgits.