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Eurospan Holdings fiscal Q1 profit falls YOY

Eurospan Holdings Bhd. said its normalized net income for the fiscal first quarter ended Aug. 31 amounted to 305,630 ringgits, a decline of 66.1% from 902,500 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 dropped to 2.0% from 5.3% in the year-earlier period.

Total revenue decreased 11.4% on an annual basis to 15.2 million ringgits from 17.1 million ringgits, and total operating expenses decreased from the prior-year period to 15.2 million ringgits from 15.7 million ringgits.

Reported net income decreased 76.2% year over year to 372,000 ringgits, or 1 sen per share, from 1.6 million ringgits, or 4 sen per share.

As of Sept. 29, US$1 was equivalent to 3.28 ringgits.