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Watta Holding swings to loss in fiscal Q3

Watta Holding Berhad said its normalized net income for the fiscal third quarter ended June 30 was a loss of 257,500 ringgits, compared with income of 194,880 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 3.2% from 2.0% in the year-earlier period.

Total revenue decreased 17.3% year over year to 8.0 million ringgits from 9.6 million ringgits, and total operating expenses declined 9.0% from the prior-year period to 8.7 million ringgits from 9.6 million ringgits.

Reported net income totaled a loss of 443,000 ringgits, or a loss of 1 sen per share, compared to income of 253,000 ringgits, or 0 sen per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 4.10 ringgits.