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UMW Holdings swings to loss in Q4

UMW Holdings Berhad said its fourth-quarter normalized net income was a loss of 2 Malaysian sen per share, compared with 9 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 18.9 million ringgits, compared with income of 100.1 million ringgits in the prior-year period.

The normalized profit margin declined to negative 0.6% from 2.4% in the year-earlier period.

Total revenue declined 26.9% year over year to 3.06 billion ringgits from 4.18 billion ringgits, and total operating expenses declined 10.0% year over year to 3.91 billion ringgits from 4.35 billion ringgits.

Reported net income totaled a loss of 1.53 billion ringgits, or a loss of 1.31 ringgits per share, compared to a loss of 284.3 million ringgits, or a loss of 24 sen per share, in the prior-year period.

For the year, the company's normalized net income totaled 6.6 million ringgits, compared with income of 324.8 million ringgits in the prior year.

Full-year total revenue decreased 24.1% from the prior-year period to 10.96 billion ringgits from 14.44 billion ringgits, and total operating expenses declined 15.5% year over year to 11.89 billion ringgits from 14.08 billion ringgits.

The company said reported net income came to a loss of 1.66 billion ringgits, or a loss of 1.42 ringgits per share, in the full year, compared with a loss of 37.2 million ringgits, or a loss of 3 sen per share, the prior year.

As of April 28, US$1 was equivalent to 4.34 ringgits.