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Grand Central Enterprises swings to loss in Q2

Grand Central Enterprises Bhd. said its second-quarter normalized net income was a loss of 162,250 ringgits, compared with income of 578,130 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 2.1% from 6.5% in the year-earlier period.

Total revenue fell 11.9% on an annual basis to 7.8 million ringgits from 8.9 million ringgits, and total operating expenses increased from the prior-year period to 8.1 million ringgits from 7.9 million ringgits.

Reported net income totaled a loss of 465,000 ringgits, or a loss of 0 sen per share, compared to income of 513,000 ringgits, or 0 sen per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 3.94 ringgits.