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Green Ocean swings to profit in fiscal Q3

Green Ocean Corp. Berhad said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 70,000 ringgits, compared with a loss of 716,880 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 rose to 0.3% from negative 51.1% in the year-earlier period.

Total revenue grew year over year to 24.2 million ringgits from 1.4 million ringgits, and total operating expenses increased from the prior-year period to 24.0 million ringgits from 2.5 million ringgits.

Reported net income came to 112,000 ringgits, or 0 sen per share, compared to a loss of 1.1 million ringgits, or a loss of 1 sen per share, in the prior-year period.

As of Feb. 27, US$1 was equivalent to 3.61 ringgits.