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Tomei Consolidated swings to loss in Q2

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Tomei Consolidated swings to loss in Q2

Tomei Consolidated Bhd. said its second-quarter normalized net income amounted to a loss of 4.7 million ringgits, compared with income of 626,250 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 dropped to negative 5.1% from 0.5% in the year-earlier period.

Total revenue fell 27.4% on an annual basis to 91.8 million ringgits from 126.4 million ringgits, and total operating expenses decreased 21.3% on an annual basis to 96.2 million ringgits from 122.2 million ringgits.

Reported net income totaled a loss of 5.3 million ringgits, or a loss of 4 sen per share, compared to income of 620,000 ringgits, or 0 sen per share, in the year-earlier period.

As of Aug. 20, US$1 was equivalent to 4.12 ringgits.