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Cuscapi swings to loss in Q1

Cuscapi Bhd. said its normalized net income for the first quarter amounted to a loss of 2.2 million ringgits, compared with income of 139,510 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 declined to negative 23.3% from 1.1% in the year-earlier period.

Total revenue fell 27.4% on an annual basis to 9.6 million ringgits from 13.2 million ringgits, and total operating expenses increased from the prior-year period to 13.2 million ringgits from 13.0 million ringgits.

Reported net income totaled a loss of 3.6 million ringgits, or a loss of 1 sen per share, compared to income of 229,810 ringgits, or 0 sen per share, in the year-earlier period.

As of May 23, US$1 was equivalent to 4.09 ringgits.