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PLS Plantations swings to loss in fiscal Q1

PLS Plantations Bhd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 38,380 ringgits, compared with income of 458,630 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 dropped to negative 0.3% from 3.4% in the year-earlier period.

Total revenue climbed 9.7% on an annual basis to 14.7 million ringgits from 13.4 million ringgits, and total operating expenses grew 25.2% from the prior-year period to 14.9 million ringgits from 11.9 million ringgits.

Reported net income totaled a loss of 680,000 ringgits, or a loss of 0 sen per share, compared to income of 2.9 million ringgits, or 1 sen per share, in the prior-year period.

As of Aug. 27, US$1 was equivalent to 3.15 ringgits.