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Asia Brands swings to loss in fiscal Q2

Asia Brands Bhd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 620,000 ringgits, compared with income of 3.7 million 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 0.9% from 4.0% in the year-earlier period.

Total revenue declined 25.9% year over year to 68.3 million ringgits from 92.1 million ringgits, and total operating expenses decreased 20.4% year over year to 66.6 million ringgits from 83.7 million ringgits.

Reported net income totaled a loss of 740,000 ringgits, or a loss of 1 sen per share, compared to income of 4.4 million ringgits, or 6 sen per share, in the year-earlier period.

As of Nov. 27, US$1 was equivalent to 4.27 ringgits.