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Green Ocean fiscal Q1 loss narrows YOY

Green Ocean Corp. Berhad said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 369,380 ringgits, compared with a loss of 829,380 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 increased to negative 4.5% from negative 12.5% in the year-earlier period.

Total revenue rose 23.1% year over year to 8.1 million ringgits from 6.6 million ringgits, and total operating expenses climbed 9.1% on an annual basis to 8.6 million ringgits from 7.9 million ringgits.

Reported net income totaled a loss of 591,000 ringgits, or a loss of 0 sen per share, compared to a loss of 1.3 million ringgits, or a loss of 1 sen per share, in the prior-year period.

As of Aug. 29, US$1 was equivalent to 3.15 ringgits.