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Astral Asia swings to loss in Q1

Astral Asia Berhad said its first-quarter normalized net income was a loss of 1.3 million ringgits, compared with income of 441,500 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 declined to negative 27.9% from 5.9% in the year-earlier period.

Total revenue declined 39.5% year over year to 4.5 million ringgits from 7.5 million ringgits, and total operating expenses fell 6.6% on an annual basis to 6.6 million ringgits from 7.0 million ringgits.

Reported net income came to a loss of 2.2 million ringgits, or a loss of 0 sen per share, compared to income of 592,000 ringgits, or 0 sen per share, in the year-earlier period.

As of May 22, US$1 was equivalent to 3.60 ringgits.