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Asia Brands swings to loss in fiscal Q3

Asia Brands Bhd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 2 Malaysian sen per share, compared with 10 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.7 million ringgits, compared with income of 7.5 million ringgits in the year-earlier period.

The normalized profit margin fell to negative 2.2% from 9.0% in the year-earlier period.

Total revenue fell 7.1% on an annual basis to 77.7 million ringgits from 83.7 million ringgits, and total operating expenses grew 12.3% year over year to 78.0 million ringgits from 69.5 million ringgits.

Reported net income totaled a loss of 3.9 million ringgits, or a loss of 5 sen per share, compared to income of 6.8 million ringgits, or 9 sen per share, in the year-earlier period.

As of Feb. 27, US$1 was equivalent to 3.61 ringgits.