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Oversea Enterprise fiscal Q1 loss widens YOY

Oversea Enterprise Bhd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 1.2 million ringgits, compared with a loss of 387,380 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 declined to negative 10.2% from negative 3.1% in the year-earlier period.

Total revenue declined 6.9% year over year to 11.7 million ringgits from 12.6 million ringgits, and total operating expenses grew year over year to 13.6 million ringgits from 13.2 million ringgits.

Reported net income totaled a loss of 1.9 million ringgits, or a loss of 1 sen per share, compared to a loss of 760,000 ringgits, or a loss of 0 sen per share, in the prior-year period.

As of Aug. 24, US$1 was equivalent to 4.24 ringgits.