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APM Automotive Q1 profit falls YOY

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APM Automotive Q1 profit falls YOY

APM Automotive Holdings Bhd. said its first-quarter normalized net income was 9 Malaysian sen per share, a decrease of 12.1% from 10 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 17.5 million ringgits, a decrease of 12.1% from 19.9 million ringgits in the year-earlier period.

The normalized profit margin dropped to 5.5% from 6.5% in the year-earlier period.

Total revenue rose year over year to 318.3 million ringgits from 308.1 million ringgits, and total operating expenses rose on an annual basis to 286.9 million ringgits from 273.9 million ringgits.

Reported net income fell 29.8% year over year to 17.8 million ringgits, or 9 sen per share, from 25.4 million ringgits, or 13 sen per share.

As of May 14, US$1 was equivalent to 3.57 ringgits.