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SMIS Corp. swings to loss in Q1

SMIS Corp. Bhd. said its first-quarter normalized net income came to a loss of 2 Malaysian sen per share, compared with 2 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 901,630 ringgits, compared with income of 671,500 ringgits in the prior-year period.

The normalized profit margin declined to negative 2.9% from 1.7% in the year-earlier period.

Total revenue decreased 22.7% year over year to 31.3 million ringgits from 40.5 million ringgits, and total operating expenses declined 16.1% year over year to 32.6 million ringgits from 38.8 million ringgits.

Reported net income totaled a loss of 1.3 million ringgits, or a loss of 3 sen per share, compared to income of 1.0 million ringgits, or 2 sen per share, in the prior-year period.

As of May 27, US$1 was equivalent to 4.08 ringgits.