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Globaltec Formation fiscal Q2 profit climbs YOY

Globaltec Formation Berhad said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was 44.6 million ringgits, an increase from 3.8 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 2.4% from 5.2% in the year-earlier period.

Total revenue increased on an annual basis to 75.5 million ringgits from 73.8 million ringgits, and total operating expenses declined 94.8% from the prior-year period to 3.4 million ringgits from 66.3 million ringgits.

Reported net income fell 84.8% on an annual basis to 708,000 ringgits, or 0 sen per share, from 4.6 million ringgits, or 0 sen per share.

As of Feb. 25, US$1 was equivalent to 4.22 ringgits.