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Malpac Holdings swings to loss in Q2

Malpac Holdings Bhd. said its second-quarter normalized net income came to a loss of 678,750 ringgits, compared with income of 699,380 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 dropped to negative 70.6% from 20.1% in the year-earlier period.

Total revenue declined 72.4% on an annual basis to 962,000 ringgits from 3.5 million ringgits, and total operating expenses fell 13.5% on an annual basis to 2.0 million ringgits from 2.4 million ringgits.

Reported net income came to a loss of 1.1 million ringgits, or a loss of 1 sen per share, compared to income of 1.1 million ringgits, or 2 sen per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 4.12 ringgits.