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Mesiniaga swings to profit in Q1

Mesiniaga Bhd. said its normalized net income for the first quarter came to 82,380 ringgits, compared with a loss 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 increased to 0.2% from negative 7.2% in the year-earlier period.

Total revenue grew year over year to 49.7 million ringgits from 49.0 million ringgits, and total operating expenses decreased 9.3% on an annual basis to 49.0 million ringgits from 54.0 million ringgits.

Reported net income totaled 124,000 ringgits, or 0 sen per share, compared to a loss of 5.7 million ringgits, or a loss of 9 sen per share, in the prior-year period.

As of May 3, US$1 was equivalent to 3.98 ringgits.