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Ni Hsin Resources swings to loss in Q2

Ni Hsin Resources Bhd. said its normalized net income for the second quarter was a loss of 3.0 million ringgits, compared with income of 321,250 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 28.6% from 2.5% in the year-earlier period.

Total revenue fell 18.0% year over year to 10.5 million ringgits from 12.9 million ringgits, and total operating expenses rose 25.3% year over year to 15.5 million ringgits from 12.3 million ringgits.

Reported net income totaled a loss of 5.0 million ringgits, or a loss of 2 sen per share, compared to income of 358,910 ringgits, or 0 sen per share, in the prior-year period.

As of Aug. 24, US$1 was equivalent to 4.04 ringgits.