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Fintech Intelligence Newsletter: February 2021

Kawan Food Q1 profit climbs 35.3% YOY

Kawan Food Bhd. said its normalized net income for the first quarter came to 2 Malaysian sen per share, an increase of 19.0% from 1 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.6 million ringgits, a gain of 35.3% from 3.4 million ringgits in the year-earlier period.

The normalized profit margin rose to 12.3% from 9.9% in the year-earlier period.

Total revenue increased 8.6% year over year to 37.3 million ringgits from 34.4 million ringgits, and total operating expenses grew from the prior-year period to 30.2 million ringgits from 29.0 million ringgits.

Reported net income grew 33.3% on an annual basis to 5.6 million ringgits, or 2 sen per share, from 4.2 million ringgits, or 2 sen per share.

As of May 28, US$1 was equivalent to 3.65 ringgits.