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Rex Industry swings to loss in Q2

Rex Industry Bhd. said its normalized net income for the second quarter was a loss of 581,880 ringgits, compared with income of 881,250 ringgits in the year-earlier period.

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

The normalized profit margin fell to negative 1.6% from 2.7% in the year-earlier period.

Total revenue rose 15.0% year over year to 37.1 million ringgits from 32.2 million ringgits, and total operating expenses rose 23.2% on an annual basis to 37.9 million ringgits from 30.7 million ringgits.

Reported net income decreased 33.4% from the prior-year period to 703,000 ringgits, or 0 sen per share, from 1.1 million ringgits, or 0 sen per share.

As of Aug. 11, US$1 was equivalent to 3.99 ringgits.