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Saudee Group swings to loss in fiscal Q2

Saudee Group Bhd. said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, came to a loss of 645,630 ringgits, compared with income of 273,750 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 1.6% from 0.7% in the year-earlier period.

Total revenue fell year over year to 39.3 million ringgits from 40.4 million ringgits, and total operating expenses came to 39.5 million ringgits, compared with 39.3 million ringgits in the year-earlier period.

Reported net income came to a loss of 991,000 ringgits, or a loss of 1 sen per share, compared to income of 224,000 ringgits, or 0 sen per share, in the prior-year period.

As of Jan. 30, US$1 was equivalent to 3.63 ringgits.