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Maxwell International swings to loss in Q1

Maxwell International Holdings Bhd. said its normalized net income for the first quarter came to a loss of 1.9 million ringgits, compared with income of 430,050 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 10.0% from 1.8% in the year-earlier period.

Total revenue fell 16.5% year over year to 19.9 million ringgits from 23.8 million ringgits, and total operating expenses totaled 21.5 million ringgits, compared with 21.5 million ringgits in the prior-year period.

Reported net income came to a loss of 3.0 million ringgits, or a loss of 1 sen per share, compared to income of 36,640 ringgits, or 0 sen per share, in the prior-year period.

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