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Innity Q1 loss narrows YOY

Innity Corporation Bhd. said its normalized net income for the first quarter was a loss of 268,630 ringgits, compared with a loss of 349,880 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 increased to negative 1.3% from negative 2.6% in the year-earlier period.

Total revenue increased 58.7% on an annual basis to 21.3 million ringgits from 13.4 million ringgits, and total operating expenses rose 58.3% year over year to 22.0 million ringgits from 13.9 million ringgits.

Reported net income totaled a loss of 826,000 ringgits, or a loss of 1 sen per share, compared to a loss of 725,000 ringgits, or a loss of 1 sen per share, in the prior-year period.

As of May 25, US$1 was equivalent to 4.10 ringgits.