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IQ Group fiscal Q3 profit falls YOY

IQ Group Holdings Berhad said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 3 Malaysian sen per share, a decline of 37.6% from 5 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 2.9 million ringgits, a decrease of 36.5% from 4.6 million ringgits in the prior-year period.

The normalized profit margin declined to 6.6% from 10.1% in the year-earlier period.

Total revenue fell year over year to 44.6 million ringgits from 45.9 million ringgits, and total operating expenses declined from the prior-year period to 39.5 million ringgits from 41.2 million ringgits.

Reported net income fell 30.6% from the prior-year period to 3.5 million ringgits, or 4 sen per share, from 5.1 million ringgits, or 6 sen per share.

As of Feb. 25, US$1 was equivalent to 4.22 ringgits.