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Guan Chong swings to loss in Q1

Guan Chong Bhd. said its first-quarter normalized net income was a loss of 664,380 ringgits, compared with income of 3.9 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 fell to negative 0.2% from 0.8% in the year-earlier period.

Total revenue decreased 7.9% on an annual basis to 441.5 million ringgits from 479.6 million ringgits, and total operating expenses declined 6.8% from the prior-year period to 436.6 million ringgits from 468.3 million ringgits.

Reported net income totaled a loss of 1.9 million ringgits, or a loss of 0 sen per share, compared to income of 5.3 million ringgits, or 1 sen per share, in the prior-year period.

As of May 22, US$1 was equivalent to 3.60 ringgits.