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IOI Corp. Bhd. swings to loss in fiscal Q3

IOI Corp. Berhad said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 1 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 4 sen per share.

The per-share result swung to a loss from the prior-year profit of 4 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 66.8 million ringgits, compared with income of 279.0 million ringgits in the year-earlier period.

The normalized profit margin declined to negative 2.4% from 9.6% in the year-earlier period.

Total revenue declined on an annual basis to 2.78 billion ringgits from 2.90 billion ringgits, and total operating expenses climbed year over year to 2.50 billion ringgits from 2.45 billion ringgits.

Reported net income totaled a loss of 187.9 million ringgits, or a loss of 3 sen per share, compared to income of 341.8 million ringgits, or 5 sen per share, in the prior-year period.

As of May 14, US$1 was equivalent to 3.57 ringgits.