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Notion VTec swings to profit in fiscal Q1

Notion VTec Berhad said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to 2 Malaysian sen per share, compared with a loss of 2 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 4.2 million ringgits, compared with a loss of 4.9 million ringgits in the year-earlier period.

The normalized profit margin climbed to 6.9% from negative 8.4% in the year-earlier period.

Total revenue increased year over year to 61.1 million ringgits from 58.3 million ringgits, and total operating expenses grew 17.8% from the prior-year period to 56.6 million ringgits from 48.0 million ringgits.

Reported net income came to 3.1 million ringgits, or 1 sen per share, compared to a loss of 5.2 million ringgits, or a loss of 2 sen per share, in the prior-year period.

As of Feb. 18, US$1 was equivalent to 4.17 ringgits.