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Duty Free International fiscal Q3 profit falls YOY

Duty Free International Ltd. said its normalized net income for the fiscal third quarter ended Nov. 30, 2014, was 8.8 million ringgits, a decrease of 37.3% from 14.1 million 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 dropped to 6.5% from 9.1% in the year-earlier period.

Total revenue fell 11.6% year over year to 135.9 million ringgits from 153.8 million ringgits, and total operating expenses decreased 9.2% on an annual basis to 121.6 million ringgits from 133.8 million ringgits.

Reported net income decreased 40.7% from the prior-year period to 10.2 million ringgits, or 1 sen per share, from 17.1 million ringgits, or 2 sen per share.

As of Jan. 13, US$1 was equivalent to 3.58 ringgits.