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IFCA MSC swings to loss in Q1

IFCA MSC Bhd. said its normalized net income for the first quarter came to a loss of 2.1 million ringgits, compared with income of 7.9 million 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 declined to negative 11.9% from 24.7% in the year-earlier period.

Total revenue fell 44.7% on an annual basis to 17.7 million ringgits from 32.0 million ringgits, and total operating expenses grew 17.8% on an annual basis to 21.7 million ringgits from 18.4 million ringgits.

Reported net income totaled a loss of 4.4 million ringgits, or a loss of 1 sen per share, compared to income of 9.7 million ringgits, or 2 sen per share, in the year-earlier period.

As of May 30, US$1 was equivalent to 4.11 ringgits.