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Guan Chong swings to profit in Q2

Guan Chong Bhd. said its second-quarter normalized net income was 8.6 million ringgits, compared with a loss of 398,500 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 climbed to 1.5% from negative 0.1% in the year-earlier period.

Total revenue grew year over year to 583.4 million ringgits from 576.6 million ringgits, and total operating expenses fell year over year to 564.8 million ringgits from 571.6 million ringgits.

Reported net income increased on an annual basis to 10.7 million ringgits, or 2 sen per share, from 2.0 million ringgits, or 0 sen per share.

As of Aug. 12, US$1 was equivalent to 4.01 ringgits.