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Acoustech Q1 loss widens YOY

Acoustech Berhad said its first-quarter normalized net income was a loss of 1.1 million ringgits, compared with a loss of 93,880 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 4.0% from negative 0.3% in the year-earlier period.

Total revenue declined 22.4% on an annual basis to 27.8 million ringgits from 35.9 million ringgits, and total operating expenses decreased 20.1% on an annual basis to 28.9 million ringgits from 36.2 million ringgits.

Reported net income came to a loss of 1.4 million ringgits, or a loss of 1 sen per share, compared to income of 1.5 million ringgits, or 1 sen per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 3.58 ringgits.