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APM Automotive Q3 profit falls YOY

APM Automotive Holdings Bhd. said its third-quarter normalized net income came to 4 Malaysian sen per share, a decline of 54.1% 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 8.6 million ringgits, a decrease of 54.1% from 18.8 million ringgits in the year-earlier period.

The normalized profit margin dropped to 3.4% from 6.4% in the year-earlier period.

Total revenue decreased 12.4% on an annual basis to 255.8 million ringgits from 291.9 million ringgits, and total operating expenses decreased 7.1% year over year to 240.7 million ringgits from 259.1 million ringgits.

Reported net income declined 57.6% year over year to 9.7 million ringgits, or 5 sen per share, from 22.8 million ringgits, or 12 sen per share.

As of Nov. 20, US$1 was equivalent to 4.27 ringgits.