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Efficient E-Solutions swings to loss in Q1

Efficient E-Solutions Bhd. said its first-quarter normalized net income amounted to a loss of 699,490 ringgits, compared with income of 2.3 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 fell to negative 238.5% from 16.0% in the year-earlier period.

Total revenue decreased 97.9% on an annual basis to 293,300 ringgits from 14.3 million ringgits, and total operating expenses decreased 78.6% on an annual basis to 2.3 million ringgits from 10.8 million ringgits.

Reported net income came to a loss of 1.2 million ringgits, or a loss of 0 sen per share, compared to income of 2.6 million ringgits, or 0 sen per share, in the prior-year period.

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