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Watta Holding swings to loss in fiscal Q2

Watta Holding Berhad said its normalized net income for the fiscal second quarter ended March 31 amounted to a loss of 109,130 ringgits, compared with income of 30,250 ringgits in the prior-year period.

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

The normalized profit margin fell to negative 1.2% from 0.3% in the year-earlier period.

Total revenue fell 22.7% on an annual basis to 9.0 million ringgits from 11.6 million ringgits, and total operating expenses declined 20.7% on an annual basis to 9.4 million ringgits from 11.8 million ringgits.

Reported net income totaled a loss of 225,000 ringgits, or a loss of 0 sen per share, compared to income of 37,000 ringgits, or 0 sen per share, in the year-earlier period.

As of May 25, US$1 was equivalent to 4.10 ringgits.