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Kumpulan Powernet Q3 loss widens 21.7% YOY

Kumpulan Powernet Bhd. said its third-quarter normalized net income came to a loss of 671,750 ringgits, compared with a loss of 551,750 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 fell to negative 58.5% from negative 35.9% in the year-earlier period.

Total revenue decreased 25.4% year over year to 1.1 million ringgits from 1.5 million ringgits, and total operating expenses came to 2.3 million ringgits, compared with 2.3 million ringgits in the prior-year period.

Reported net income totaled a loss of 1.1 million ringgits, or a loss of 2 sen per share, compared to a loss of 893,000 ringgits, or a loss of 2 sen per share, in the prior-year period.

As of Nov. 20, US$1 was equivalent to 4.27 ringgits.