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Sarawak Plantation swings to loss in Q1

Sarawak Plantation Bhd. said its normalized net income for the first quarter came to a loss of 889,880 ringgits, compared with income of 1.1 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 dropped to negative 1.4% from 1.5% in the year-earlier period.

Total revenue fell 12.5% on an annual basis to 62.1 million ringgits from 70.9 million ringgits, and total operating expenses decreased 8.5% on an annual basis to 63.9 million ringgits from 69.9 million ringgits.

Reported net income totaled a loss of 756,000 ringgits, or a loss of 0 sen per share, compared to income of 7.4 million ringgits, or 3 sen per share, in the prior-year period.

As of May 20, US$1 was equivalent to 4.08 ringgits.