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Ni Hsin Resources swings to profit in Q1

Ni Hsin Resources Bhd. said its normalized net income for the first quarter amounted to 140,630 ringgits, compared with a loss of 228,750 ringgits in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1.3% from negative 2.2% in the year-earlier period.

Total revenue rose 8.2% year over year to 11.2 million ringgits from 10.4 million ringgits, and total operating expenses increased from the prior-year period to 11.0 million ringgits from 10.7 million ringgits.

Reported net income came to 158,000 ringgits, or 0 sen per share, compared to a loss of 547,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of May 21, US$1 was equivalent to 3.60 ringgits.