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Sanbumi Holdings swings to loss in fiscal Q1

Sanbumi Holdings Bhd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 1.6 million ringgits, compared with income of 67,130 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 24.3% from 0.3% in the year-earlier period.

Total revenue fell 72.6% on an annual basis to 6.4 million ringgits from 23.5 million ringgits, and total operating expenses declined 60.0% year over year to 9.8 million ringgits from 24.5 million ringgits.

Reported net income totaled a loss of 2.5 million ringgits, or a loss of 1 sen per share, compared to income of 1.1 million ringgits, or 1 sen per share, in the year-earlier period.

As of Aug. 22, US$1 was equivalent to 3.16 ringgits.