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Olympia Industries swings to loss in Q2

Olympia Industries Berhad said its normalized net income for the second quarter came to a loss of 4.7 million ringgits, compared with income of 25.2 million ringgits in the year-earlier period.

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

Total revenue declined 10.4% on an annual basis to 32.2 million ringgits from 36.0 million ringgits.

Reported net income came to a loss of 9.0 million ringgits, or a loss of 1 sen per share, compared to income of 35.0 million ringgits, or 3 sen per share, in the prior-year period.

As of Aug. 30, US$1 was equivalent to 4.07 ringgits.