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M N C Wireless Q1 profit falls YOY

M N C Wireless Bhd. said its first-quarter normalized net income amounted to 141,880 ringgits, a decrease of 53.2% from 303,130 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 2.6% from 5.3% in the year-earlier period.

Total revenue declined on an annual basis to 5.5 million ringgits from 5.8 million ringgits, and total operating expenses came to 5.2 million ringgits, compared with 5.2 million ringgits in the year-earlier period.

Reported net income fell 77.4% year over year to 110,000 ringgits, or 0 sen per share, from 486,000 ringgits, or 1 sen per share.

As of May 26, US$1 was equivalent to 4.06 ringgits.