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Olympia Industries Q1 loss narrows YOY

Olympia Industries Berhad said its first-quarter normalized net income came to a loss of 1.0 million ringgits, compared with a loss of 1.5 million 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 increased to negative 2.6% from negative 3.3% in the year-earlier period.

Total revenue decreased 12.5% year over year to 38.9 million ringgits from 44.5 million ringgits, and total operating expenses decreased 20.0% from the prior-year period to 34.0 million ringgits from 42.5 million ringgits.

Reported net income totaled a loss of 3.3 million ringgits, or a loss of 0 sen per share, compared to a loss of 4.6 million ringgits, or a loss of 0 sen per share, in the prior-year period.

As of May 27, US$1 was equivalent to 4.08 ringgits.