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DeGem Q3 profit falls YOY

DeGem Berhad said its normalized net income for the third quarter was 140,880 ringgits, a fall of 95.7% from 3.3 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 fell to 0.3% from 5.8% in the year-earlier period.

Total revenue declined 28.8% on an annual basis to 40.9 million ringgits from 57.4 million ringgits, and total operating expenses fell 22.0% on an annual basis to 40.4 million ringgits from 51.8 million ringgits.

Reported net income declined 96.4% on an annual basis to 127,000 ringgits, or 0 sen per share, from 3.5 million ringgits, or 3 sen per share.

As of Nov. 17, US$1 was equivalent to 4.39 ringgits.