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TFP Solutions swings to loss in Q1

TFP Solutions Bhd. said its first-quarter normalized net income came to a loss of 57,130 ringgits, compared with income of 202,380 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 0.6% from 0.9% in the year-earlier period.

Total revenue decreased 57.1% on an annual basis to 9.9 million ringgits from 23.1 million ringgits, and total operating expenses fell 56.1% year over year to 10.0 million ringgits from 22.7 million ringgits.

Reported net income totaled a loss of 62,000 ringgits, or a loss of 0 sen per share, compared to income of 242,170 ringgits, or 0 sen per share, in the prior-year period.

As of May 12, US$1 was equivalent to 4.01 ringgits.