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Kwantas swings to loss in fiscal Q3

Kwantas Corp. Bhd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 11 Malaysian sen per share, compared with 3 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 35.2 million ringgits, compared with income of 7.8 million ringgits in the prior-year period.

The normalized profit margin dropped to negative 7.8% from 1.8% in the year-earlier period.

Total revenue fell 28.0% year over year to 315.3 million ringgits from 437.9 million ringgits, and total operating expenses decreased 13.2% year over year to 362.5 million ringgits from 417.8 million ringgits.

Reported net income totaled a loss of 57.3 million ringgits, or a loss of 18 sen per share, compared to income of 9.1 million ringgits, or 3 sen per share, in the prior-year period.

As of May 29, US$1 was equivalent to 3.66 ringgits.