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New Hoong Fatt Q3 profit climbs YOY

New Hoong Fatt Holdings Bhd. said its normalized net income for the third quarter was 7 Malaysian sen per share, a gain from 4 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.6 million ringgits, a gain from 2.7 million ringgits in the year-earlier period.

The normalized profit margin increased to 10.5% from 5.3% in the year-earlier period.

Total revenue grew 5.8% on an annual basis to 53.2 million ringgits from 50.2 million ringgits, and total operating expenses decreased year over year to 44.0 million ringgits from 45.6 million ringgits.

Reported net income grew year over year to 5.2 million ringgits, or 7 sen per share, from 2.6 million ringgits, or 3 sen per share.

As of Nov. 24, US$1 was equivalent to 4.22 ringgits.