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Teo Seng Capital Q4 profit falls YOY

Teo Seng Capital Bhd. said its normalized net income for the fourth quarter amounted to 1 Malaysian sen per share, a decline of 76.7% from 5 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 3.7 million ringgits, a decrease of 72.9% from 13.8 million ringgits in the year-earlier period.

The normalized profit margin declined to 3.3% from 12.4% in the year-earlier period.

Total revenue increased on an annual basis to 115.1 million ringgits from 111.4 million ringgits, and total operating expenses increased 16.7% from the prior-year period to 61.6 million ringgits from 52.8 million ringgits.

Reported net income decreased 76.2% from the prior-year period to 4.3 million ringgits, or 1 sen per share, from 18.0 million ringgits, or 6 sen per share.

For the year, the company's normalized net income totaled 10 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 16 sen.

EPS declined 25.5% from 14 sen in the prior year.

Normalized net income was 31.6 million ringgits, a decrease of 23.5% from 41.3 million ringgits in the prior year.

Full-year total revenue grew 9.6% from the prior-year period to 420.7 million ringgits from 383.9 million ringgits, and total operating expenses rose 16.6% on an annual basis to 326.0 million ringgits from 279.6 million ringgits.

The company said reported net income decreased 15.6% year over year to 41.0 million ringgits, or 13 sen per share, in the full year, from 48.6 million ringgits, or 16 sen per share.

As of April 11, US$1 was equivalent to 3.88 ringgits.