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Vsolar Group fiscal Q3 loss narrows YOY

Vsolar Group Berhad said its normalized net income for the fiscal third quarter ended March 31 was a loss of 415,250 ringgits, compared with a loss of 445,380 ringgits in the third quarter ended Sept. 30, 2015.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 48.3% from negative 105.3% in the year-earlier period.

Total revenue grew year over year to 860,000 ringgits from 423,000 ringgits, and total operating expenses grew 29.4% on an annual basis to 1.6 million ringgits from 1.2 million ringgits.

Reported net income totaled a loss of 677,000 ringgits, or a loss of 0 sen per share, compared to a loss of 733,000 ringgits, or a loss of 0 sen per share, in the third quarter ended Sept. 30, 2015.

As of May 20, US$1 was equivalent to 4.08 ringgits.