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Eduspec Holdings swings to loss in fiscal Q2

Eduspec Holdings Bhd. said its normalized net income for the fiscal second quarter ended March 31 was a loss of 1.3 million ringgits, compared with income of 300,750 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 declined to negative 10.3% from 3.2% in the year-earlier period.

Total revenue climbed 36.3% on an annual basis to 12.7 million ringgits from 9.3 million ringgits, and total operating expenses increased 62.5% on an annual basis to 16.1 million ringgits from 9.9 million ringgits.

Reported net income came to a loss of 2.3 million ringgits, or a loss of 0 sen per share, compared to income of 482,000 ringgits, or 0 sen per share, in the prior-year period.

As of May 27, US$1 was equivalent to 3.65 ringgits.