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Tan Chong Motor swings to loss in Q1

Tan Chong Motor Holdings Berhad said its normalized net income for the first quarter was a loss of 3 Malaysian sen per share, compared with 4 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 22.3 million ringgits, compared with income of 27.0 million ringgits in the prior-year period.

The normalized profit margin declined to negative 1.6% from 1.7% in the year-earlier period.

Total revenue fell 6.6% on an annual basis to 1.47 billion ringgits from 1.57 billion ringgits, and total operating expenses fell on an annual basis to 1.46 billion ringgits from 1.52 billion ringgits.

Reported net income totaled a loss of 37.2 million ringgits, or a loss of 6 sen per share, compared to income of 26.3 million ringgits, or 4 sen per share, in the year-earlier period.

As of May 10, US$1 was equivalent to 4.05 ringgits.