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MCE Holdings swings to loss in fiscal Q1

MCE Holdings Bhd. said its normalized net income for the fiscal first quarter ended Oct. 31 came to a loss of 3 Malaysian sen per share, compared with 4 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.4 million ringgits, compared with income of 1.6 million ringgits in the prior-year period.

The normalized profit margin declined to negative 6.7% from 6.0% in the year-earlier period.

Total revenue decreased 24.9% on an annual basis to 20.3 million ringgits from 27.1 million ringgits, and total operating expenses declined 8.8% year over year to 22.6 million ringgits from 24.8 million ringgits.

Reported net income came to a loss of 1.8 million ringgits, or a loss of 4 sen per share, compared to income of 2.0 million ringgits, or 5 sen per share, in the year-earlier period.

As of Dec. 30, US$1 was equivalent to 3.50 ringgits.