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Pan Malaysia Holdings swings to profit in Q1

Pan Malaysia Holdings Bhd. said its first-quarter normalized net income amounted to 34,380 ringgits, compared with a loss of 107,500 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 increased to 1.8% from negative 4.9% in the year-earlier period.

Total revenue fell 12.5% on an annual basis to 1.9 million ringgits from 2.2 million ringgits, and total operating expenses declined year over year to 1.7 million ringgits from 1.8 million ringgits.

Reported net income totaled 55,000 ringgits, or 0 sen per share, compared to a loss of 172,000 ringgits, or a loss of 0 sen per share, in the prior-year period.

As of May 25, US$1 was equivalent to 3.62 ringgits.