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DRB-HICOM swings to loss in fiscal Q1

DRB-HICOM Bhd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 2.5 million ringgits, compared with income of 88.3 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.1% from 2.4% in the year-earlier period.

Total revenue decreased 20.8% year over year to 2.95 billion ringgits from 3.72 billion ringgits, and total operating expenses fell 16.8% from the prior-year period to 2.93 billion ringgits from 3.53 billion ringgits.

Reported net income came to a loss of 2.1 million ringgits, or a loss of 0 sen per share, compared to income of 107.8 million ringgits, or 6 sen per share, in the year-earlier period.

As of Aug. 27, US$1 was equivalent to 4.19 ringgits.