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MESB Bhd. swings to loss in fiscal Q1

MESB Bhd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 461,880 ringgits, compared with income of 757,500 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 fell to negative 2.4% from 3.6% in the year-earlier period.

Total revenue fell 13.3% year over year to 18.2 million ringgits from 21.0 million ringgits, and total operating expenses declined 5.9% year over year to 18.9 million ringgits from 20.1 million ringgits.

Reported net income came to a loss of 745,000 ringgits, or a loss of 1 sen per share, compared to income of 903,000 ringgits, or 1 sen per share, in the year-earlier period.

As of Aug. 27, US$1 was equivalent to 3.15 ringgits.