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Formosa Prosonic Industries swings to loss in Q1

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Formosa Prosonic Industries swings to loss in Q1

Formosa Prosonic Industries Bhd. said its first-quarter normalized net income came to a loss of 1.4 million ringgits, compared with income of 1.3 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 fell to negative 4.5% from 1.3% in the year-earlier period.

Total revenue fell 20.7% year over year to 77.0 million ringgits from 97.0 million ringgits, and total operating expenses decreased 17.6% on an annual basis to 78.2 million ringgits from 94.9 million ringgits.

Reported net income came to a loss of 1.7 million ringgits, or a loss of 1 sen per share, compared to income of 1.5 million ringgits, or 1 sen per share, in the prior-year period.

As of April 24, US$1 was equivalent to 3.58 ringgits.