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MMag Holdings swings to loss in fiscal Q3

MMag Holdings Bhd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 2.7 million ringgits, compared with income of 143,000 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 3.9% from 0.1% in the year-earlier period.

Total revenue fell 31.3% on an annual basis to 68.2 million ringgits from 99.3 million ringgits, and total operating expenses fell 28.0% from the prior-year period to 71.0 million ringgits from 98.7 million ringgits.

Reported net income came to a loss of 4.3 million ringgits, or a loss of 2 sen per share, compared to income of 256,000 ringgits, or 0 sen per share, in the prior-year period.

As of Feb. 26, US$1 was equivalent to 4.20 ringgits.