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OCB Q2 profit climbs 93.0% YOY

OCB Bhd. said its second-quarter normalized net income was 1.7 million ringgits, a rise of 93.0% from 866,250 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 increased to 2.4% from 1.3% in the year-earlier period.

Total revenue increased year over year to 68.6 million ringgits from 67.5 million ringgits, and total operating expenses came to 65.0 million ringgits, compared with 65.1 million ringgits in the prior-year period.

Reported net income rose 82.9% from the prior-year period to 1.5 million ringgits, or 1 sen per share, from 840,000 ringgits, or 1 sen per share.

As of Aug. 25, US$1 was equivalent to 4.03 ringgits.