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Hwa Tai Industries Q2 loss narrows YOY

Hwa Tai Industries Bhd. said its normalized net income for the second quarter was a loss of 116,250 ringgits, compared with a loss of 140,630 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 rose to negative 0.7% from negative 0.9% in the year-earlier period.

Total revenue declined year over year to 15.8 million ringgits from 16.3 million ringgits, and total operating expenses decreased year over year to 15.6 million ringgits from 16.3 million ringgits.

Reported net income came to a loss of 273,000 ringgits, or a loss of 0 sen per share, compared to a loss of 225,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of Aug. 24, US$1 was equivalent to 4.04 ringgits.