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OCB Q1 profit falls YOY

OCB Bhd. said its first-quarter normalized net income amounted to 431,880 ringgits, a fall of 70.5% from 1.5 million ringgits in the year-earlier period.

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

The normalized profit margin dropped to 0.6% from 2.0% in the year-earlier period.

Total revenue decreased 6.1% on an annual basis to 67.2 million ringgits from 71.6 million ringgits, and total operating expenses decreased on an annual basis to 65.7 million ringgits from 68.3 million ringgits.

Reported net income declined 76.2% year over year to 279,000 ringgits, or 0 sen per share, from 1.2 million ringgits, or 1 sen per share.

As of May 19, US$1 was equivalent to 4.09 ringgits.