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Tomei Consolidated swings to loss in Q3

Tomei Consolidated Bhd. said its normalized net income for the third quarter amounted to a loss of 3.2 million ringgits, compared with income of 841,880 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 dropped to negative 2.7% from 0.6% in the year-earlier period.

Total revenue decreased 9.6% year over year to 118.1 million ringgits from 130.6 million ringgits, and total operating expenses fell from the prior-year period to 120.2 million ringgits from 126.2 million ringgits.

Reported net income came to a loss of 4.6 million ringgits, or a loss of 3 sen per share, compared to income of 649,000 ringgits, or 0 sen per share, in the year-earlier period.

As of Nov. 19, US$1 was equivalent to 4.28 ringgits.