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DRB-HICOM fiscal Q3 profit falls YOY

DRB-HICOM Bhd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 2 Malaysian sen per share, a decrease of 37.6% from 4 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 46.1 million ringgits, a decrease of 37.6% from 73.9 million ringgits in the year-earlier period.

The normalized profit margin dropped to 1.3% from 2.2% in the year-earlier period.

Total revenue rose 6.0% year over year to 3.53 billion ringgits from 3.33 billion ringgits, and total operating expenses grew 10.3% year over year to 3.41 billion ringgits from 3.09 billion ringgits.

Reported net income decreased 93.5% on an annual basis to 9.6 million ringgits, or 0 sen per share, from 147.7 million ringgits, or 8 sen per share.

As of Feb. 26, US$1 was equivalent to 3.60 ringgits.