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Rex Industry swings to loss in fiscal Q3

Rex Industry Bhd. said its normalized net income for the fiscal third quarter ended March 31 was a loss of 3.5 million ringgits, compared with income of 1.4 million ringgits in the third quarter ended Sept. 30, 2015.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 9.5% from 3.3% in the year-earlier period.

Total revenue decreased 10.9% on an annual basis to 37.1 million ringgits from 41.6 million ringgits, and total operating expenses increased 8.3% year over year to 42.6 million ringgits from 39.3 million ringgits.

Reported net income totaled a loss of 6.0 million ringgits, or a loss of 3 sen per share, compared to income of 1.6 million ringgits, or 1 sen per share, in the third quarter ended Sept. 30, 2015.

As of May 31, US$1 was equivalent to 4.11 ringgits.