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Eurospan Holdings swings to loss in fiscal Q3

Eurospan Holdings Bhd. said its normalized net income for the fiscal third quarter ended Feb. 28 came to a loss of 350,630 ringgits, compared with income of 803,750 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 dropped to negative 2.9% from 5.0% in the year-earlier period.

Total revenue decreased 25.2% year over year to 11.9 million ringgits from 15.9 million ringgits, and total operating expenses fell 17.0% from the prior-year period to 12.6 million ringgits from 15.2 million ringgits.

Reported net income totaled a loss of 377,000 ringgits, or a loss of 1 sen per share, compared to income of 910,000 ringgits, or 2 sen per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 3.55 ringgits.