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Watta Holding swings to loss in fiscal Q4

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Watta Holding swings to loss in fiscal Q4

Watta Holding Berhad said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to a loss of 106,670 ringgits, compared with income of 198,500 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 1.2% from 1.9% in the year-earlier period.

Total revenue declined 17.1% year over year to 8.6 million ringgits from 10.4 million ringgits, and total operating expenses decreased 12.4% on an annual basis to 9.2 million ringgits from 10.5 million ringgits.

Reported net income totaled a loss of 179,240 ringgits, or a loss of 0 sen per share, compared to income of 52,010 ringgits, or 0 sen per share, in the prior-year period.

For the year, the company's normalized net income totaled 313,050 ringgits, compared with a loss of -25,880 ringgits in the prior year.

Full-year total revenue fell on an annual basis to 38.3 million ringgits from 39.3 million ringgits, and total operating expenses declined on an annual basis to 40.1 million ringgits from 40.5 million ringgits.

The company said reported net income totaled a loss of 570,240 ringgits, or a loss of 1 sen per share, in the full year, compared with a loss of 352,000 ringgits, or a loss of 0 sen per share, the prior year.

As of Jan. 29, US$1 was equivalent to 4.14 ringgits.