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Mlabs Systems fiscal Q3 loss narrows YOY

Mlabs Systems Berhad said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 153,250 ringgits, compared with a loss of 161,130 ringgits in the third quarter ended Sept. 30, 2015.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 95.8% from negative 60.3% in the year-earlier period.

Total revenue decreased 40.1% year over year to 160,000 ringgits from 267,000 ringgits, and total operating expenses decreased 22.9% from the prior-year period to 450,000 ringgits from 584,000 ringgits.

Reported net income totaled a loss of 262,000 ringgits, or a loss of 0 sen per share, compared to a loss of 280,000 ringgits, or a loss of 0 sen per share, in the third quarter ended Sept. 30, 2015.

As of Feb. 26, US$1 was equivalent to 4.20 ringgits.