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Paragon Union Q1 profit climbs YOY

Paragon Union Berhad said its normalized net income for the first quarter amounted to 1.1 million ringgits, an increase from 116,880 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 rose to 7.2% from 0.7% in the year-earlier period.

Total revenue decreased 11.1% on an annual basis to 15.7 million ringgits from 17.7 million ringgits, and total operating expenses fell 20.4% year over year to 13.7 million ringgits from 17.2 million ringgits.

Reported net income grew on an annual basis to 1.8 million ringgits, or 3 sen per share, from 199,000 ringgits, or 0 sen per share.

As of May 27, US$1 was equivalent to 4.08 ringgits.