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Eurospan Holdings swings to loss in fiscal Q2

Eurospan Holdings Bhd. said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, was a loss of 193,130 ringgits, compared with income of 1.2 million 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 dropped to negative 1.4% from 7.0% in the year-earlier period.

Total revenue fell 19.2% on an annual basis to 14.1 million ringgits from 17.5 million ringgits, and total operating expenses fell 8.1% on an annual basis to 14.4 million ringgits from 15.7 million ringgits.

Reported net income came to a loss of 244,000 ringgits, or a loss of 1 sen per share, compared to income of 1.6 million ringgits, or 4 sen per share, in the year-earlier period.

As of Jan. 26, US$1 was equivalent to 3.60 ringgits.