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Borneo Aqua Harvest fiscal Q1 loss widens 16.5% YOY

Borneo Aqua Harvest Berhad said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 1.1 million ringgits, compared with a loss of 975,000 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 declined to negative 51.6% from negative 19.7% in the year-earlier period.

Total revenue decreased 55.5% year over year to 2.2 million ringgits from 4.9 million ringgits, and total operating expenses decreased 39.7% from the prior-year period to 3.7 million ringgits from 6.2 million ringgits.

Reported net income totaled a loss of 1.8 million ringgits, or a loss of 0 sen per share, compared to a loss of 1.6 million ringgits, or a loss of 0 sen per share, in the prior-year period.

As of Aug. 27, US$1 was equivalent to 3.15 ringgits.