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CNI Holdings swings to profit in Q1

CNI Holdings Berhad said its normalized net income for the first quarter amounted to 257,000 ringgits, compared with a loss of 90,380 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 climbed to 1.0% from negative 0.4% in the year-earlier period.

Total revenue climbed on an annual basis to 25.3 million ringgits from 24.3 million ringgits, and total operating expenses totaled 24.7 million ringgits, compared with 24.7 million ringgits in the year-earlier period.

Reported net income came to 126,000 ringgits, or 0 sen per share, compared to a loss of 351,000 ringgits, or a loss of 0 sen per share, in the prior-year period.

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