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Saudee Group fiscal Q2 loss widens YOY

Saudee Group Bhd. said its normalized net income for the fiscal second quarter ended Nov. 30, 2015, amounted to a loss of 2.1 million ringgits, compared with a loss of 645,630 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 6.2% from negative 1.6% in the year-earlier period.

Total revenue fell 14.7% year over year to 33.6 million ringgits from 39.3 million ringgits, and total operating expenses decreased 9.0% on an annual basis to 36.0 million ringgits from 39.5 million ringgits.

Reported net income came to a loss of 2.7 million ringgits, or a loss of 3 sen per share, compared to a loss of 991,000 ringgits, or a loss of 1 sen per share, in the prior-year period.

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