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Tan Chong Motor swings to loss in Q2

Tan Chong Motor Holdings Berhad said its second-quarter normalized net income came to a loss of 6.5 million ringgits, compared with income of 15.4 million 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 declined to negative 0.5% from 1.2% in the year-earlier period.

Total revenue rose 8.7% year over year to 1.37 billion ringgits from 1.26 billion ringgits, and total operating expenses rose 12.5% from the prior-year period to 1.39 billion ringgits from 1.23 billion ringgits.

Reported net income came to a loss of 14.6 million ringgits, or a loss of 2 sen per share, compared to income of 14.2 million ringgits, or 2 sen per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 4.02 ringgits.