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Teo Guan Lee swings to loss in fiscal Q2

Teo Guan Lee Corp. Bhd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 2 Malaysian sen per share, compared with 2 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 976,750 ringgits, compared with income of 691,380 ringgits in the prior-year period.

The normalized profit margin fell to negative 4.8% from 3.0% in the year-earlier period.

Total revenue fell 13.6% year over year to 20.2 million ringgits from 23.4 million ringgits, and total operating expenses fell from the prior-year period to 21.8 million ringgits from 22.2 million ringgits.

Reported net income came to a loss of 1.2 million ringgits, or a loss of 3 sen per share, compared to income of 768,000 ringgits, or 2 sen per share, in the year-earlier period.

As of Feb. 27, US$1 was equivalent to 3.61 ringgits.