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SWS Capital swings to loss in fiscal Q3

SWS Capital Bhd. said its normalized net income for the fiscal third quarter ended May 31 amounted to a loss of 2.0 million ringgits, compared with income of 101,830 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 6.4% from 0.3% in the year-earlier period.

Total revenue decreased on an annual basis to 31.4 million ringgits from 32.0 million ringgits, and total operating expenses grew 8.0% from the prior-year period to 34.1 million ringgits from 31.6 million ringgits.

Reported net income came to a loss of 3.3 million ringgits, or a loss of 3 sen per share, compared to income of 216,680 ringgits, or 0 sen per share, in the prior-year period.

As of July 22, US$1 was equivalent to 3.81 ringgits.