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Malayan United Industries swings to loss in Q2

Malayan United Industries Bhd. said its second-quarter normalized net income was a loss of 995,630 ringgits, compared with income of 2.5 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 dropped to negative 0.9% from 2.1% in the year-earlier period.

Total revenue decreased 11.3% year over year to 107.5 million ringgits from 121.1 million ringgits, and total operating expenses decreased 6.6% from the prior-year period to 102.7 million ringgits from 109.9 million ringgits.

Reported net income totaled a loss of 2.0 million ringgits, or a loss of 0 sen per share, compared to income of 2.1 million ringgits, or 0 sen per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 4.12 ringgits.