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Parkson Holdings swings to loss in fiscal Q3

Parkson Holdings Berhad said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 3.4 million ringgits, compared with income of 62.4 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 0.5% from 5.4% in the year-earlier period.

Total revenue fell 5.0% on an annual basis to 1.10 billion ringgits from 1.15 billion ringgits, and total operating expenses rose 4.9% on an annual basis to 1.11 billion ringgits from 1.06 billion ringgits.

Reported net income came to a loss of 25.6 million ringgits, or a loss of 2 sen per share, compared to income of 3.0 million ringgits, or 0 sen per share, in the year-earlier period.

As of May 31, US$1 was equivalent to 4.11 ringgits.