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DutaLand swings to loss in fiscal Q3

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DutaLand swings to loss in fiscal Q3

DutaLand Bhd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 879,750 ringgits, compared with income of 39.3 million 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 dropped to negative 13.7% from 317.3% in the year-earlier period.

Total revenue decreased 48.1% year over year to 6.4 million ringgits from 12.4 million ringgits.

Reported net income declined 97.9% from the prior-year period to 1.2 million ringgits, or 0 sen per share, from 56.9 million ringgits, or 7 sen per share.

As of May 26, US$1 was equivalent to 4.06 ringgits.