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K-One Technology swings to loss in Q1

K-One Technology Bhd. said its first-quarter normalized net income was a loss of 745,630 ringgits, compared with income of 528,750 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 3.3% from 1.6% in the year-earlier period.

Total revenue fell 31.8% year over year to 22.3 million ringgits from 32.6 million ringgits, and total operating expenses declined 25.8% from the prior-year period to 23.6 million ringgits from 31.9 million ringgits.

Reported net income totaled a loss of 1.4 million ringgits, or a loss of 0 sen per share, compared to income of 498,120 ringgits, or 0 sen per share, in the year-earlier period.

As of May 20, US$1 was equivalent to 4.08 ringgits.