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Malpac Holdings swings to loss in Q3

Malpac Holdings Bhd. said its normalized net income for the third quarter was a loss of 1.8 million ringgits, compared with income of 199,380 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 dropped to negative 244.0% from 11.0% in the year-earlier period.

Total revenue decreased 59.5% year over year to 736,000 ringgits from 1.8 million ringgits, and total operating expenses climbed from the prior-year period to 3.6 million ringgits from 1.5 million ringgits.

Reported net income totaled a loss of 2.9 million ringgits, or a loss of 4 sen per share, compared to income of 312,000 ringgits, or 0 sen per share, in the prior-year period.

As of Nov. 18, US$1 was equivalent to 4.36 ringgits.