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DRB-HICOM swings to loss in fiscal Q3

DRB-HICOM Bhd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 5 Malaysian sen per share, compared with 2 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 102.1 million ringgits, compared with income of 46.1 million ringgits in the year-earlier period.

The normalized profit margin dropped to negative 3.1% from 1.3% in the year-earlier period.

Total revenue declined 5.5% on an annual basis to 3.34 billion ringgits from 3.53 billion ringgits, and total operating expenses grew on an annual basis to 3.45 billion ringgits from 3.41 billion ringgits.

Reported net income came to a loss of 185.3 million ringgits, or a loss of 10 sen per share, compared to income of 9.5 million ringgits, or 0 sen per share, in the prior-year period.

As of Feb. 25, US$1 was equivalent to 4.22 ringgits.