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Sungei Bagan Rubber swings to loss in fiscal Q2

Sungei Bagan Rubber Co. (Malaya) Bhd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 405,000 ringgits, compared with income of 3.6 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 declined to negative 16.1% from 77.2% in the year-earlier period.

Total revenue declined 46.4% year over year to 2.5 million ringgits from 4.7 million ringgits, and total operating expenses decreased 27.6% from the prior-year period to 1.3 million ringgits from 1.8 million ringgits.

Reported net income totaled a loss of 884,000 ringgits, or a loss of 1 sen per share, compared to income of 5.1 million ringgits, or 8 sen per share, in the prior-year period.

As of Feb. 17, US$1 was equivalent to 3.58 ringgits.