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Asia Brands swings to loss in fiscal Q4

Asia Brands Bhd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 5 Malaysian sen per share, compared with 7 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.2 million ringgits, compared with income of 5.5 million ringgits in the year-earlier period.

The normalized profit margin dropped to negative 4.9% from 7.2% in the year-earlier period.

Total revenue rose 8.1% year over year to 82.9 million ringgits from 76.7 million ringgits, and total operating expenses grew 27.1% from the prior-year period to 94.5 million ringgits from 74.3 million ringgits.

Reported net income came to a loss of 6.1 million ringgits, or a loss of 8 sen per share, compared to income of 7.7 million ringgits, or 10 sen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 5 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 17 sen.

EPS declined 84.9% from 34 sen in the prior year.

Normalized net income was 4.1 million ringgits, a fall of 84.6% from 26.6 million ringgits in the prior year.

Full-year total revenue grew on an annual basis to 332.7 million ringgits from 320.5 million ringgits, and total operating expenses rose 16.9% year over year to 324.1 million ringgits from 277.3 million ringgits.

The company said reported net income declined 94.8% year over year to 1.6 million ringgits, or 2 sen per share, in the full year, from 30.8 million ringgits, or 40 sen per share.

As of June 22, US$1 was equivalent to 3.73 ringgits.