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Rimbunan Sawit swings to loss in Q1

Rimbunan Sawit Bhd. said its first-quarter normalized net income amounted to a loss of 9.3 million ringgits, compared with income of 2.1 million 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 27.3% from 3.5% in the year-earlier period.

Total revenue declined 42.5% year over year to 34.0 million ringgits from 59.1 million ringgits, and total operating expenses fell 6.9% year over year to 48.8 million ringgits from 52.4 million ringgits.

Reported net income came to a loss of 12.3 million ringgits, or a loss of 1 sen per share, compared to income of 2.2 million ringgits, or 0 sen per share, in the prior-year period.

As of May 28, US$1 was equivalent to 3.65 ringgits.