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MHC Plantations swings to loss in Q1

MHC Plantations Bhd. said its normalized net income for the first quarter came to a loss of 97,500 ringgits, compared with income of 758,000 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 fell to negative 0.2% from 1.3% in the year-earlier period.

Total revenue declined year over year to 58.3 million ringgits from 60.2 million ringgits, and total operating expenses grew year over year to 56.8 million ringgits from 54.2 million ringgits.

Reported net income came to a loss of 227,000 ringgits, or a loss of 0 sen per share, compared to income of 1.5 million ringgits, or 1 sen per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 4.08 ringgits.