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Saudee Group swings to loss in fiscal Q3

Saudee Group Bhd. said its normalized net income for the fiscal third quarter ended Feb. 29 amounted to a loss of 713,750 ringgits, compared with income of 629,380 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 2.2% from 1.4% in the year-earlier period.

Total revenue declined 30.1% year over year to 31.8 million ringgits from 45.5 million ringgits, and total operating expenses declined 26.5% on an annual basis to 32.1 million ringgits from 43.7 million ringgits.

Reported net income totaled a loss of 1.0 million ringgits, or a loss of 1 sen per share, compared to income of 915,000 ringgits, or 1 sen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 3.93 ringgits.