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Rimbunan Sawit swings to loss in Q3

Rimbunan Sawit Bhd. said its third-quarter normalized net income amounted to a loss of 3.6 million ringgits, compared with income of 716,000 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 fell to negative 6.9% from 1.2% in the year-earlier period.

Total revenue fell 15.8% on an annual basis to 52.2 million ringgits from 62.0 million ringgits, and total operating expenses decreased year over year to 56.3 million ringgits from 58.0 million ringgits.

Reported net income totaled a loss of 4.9 million ringgits, or a loss of 0 sen per share, compared to income of 746,000 ringgits, or 0 sen per share, in the prior-year period.

As of Nov. 20, US$1 was equivalent to 4.27 ringgits.