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Pinehill Pacific swings to profit in fiscal Q2

Pinehill Pacific Bhd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 46,000 ringgits, compared with a loss of 4.0 million 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 increased to 0.7% from negative 44.4% in the year-earlier period.

Total revenue decreased 31.9% year over year to 6.1 million ringgits from 9.0 million ringgits, and total operating expenses fell 61.4% year over year to 5.1 million ringgits from 13.2 million ringgits.

Reported net income totaled a loss of 44,000 ringgits, or a loss of 0 sen per share, compared to a loss of 6.5 million ringgits, or a loss of 4 sen per share, in the year-earlier period.

As of Feb. 25, US$1 was equivalent to 3.60 ringgits.