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Eurospan Holdings swings to loss in fiscal Q1

Eurospan Holdings Bhd. said its normalized net income for the fiscal first quarter ended Aug. 31 was a loss of 290,000 ringgits, compared with income of 305,630 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 dropped to negative 1.9% from 2.0% in the year-earlier period.

Total revenue climbed year over year to 15.5 million ringgits from 15.2 million ringgits, and total operating expenses grew 5.8% on an annual basis to 16.1 million ringgits from 15.2 million ringgits.

Reported net income totaled a loss of 351,000 ringgits, or a loss of 1 sen per share, compared to income of 372,000 ringgits, or 1 sen per share, in the year-earlier period.

As of Oct. 26, US$1 was equivalent to 4.24 ringgits.