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Gopeng swings to profit in Q3

Gopeng Bhd. said its third-quarter normalized net income came to 1.3 million ringgits, compared with a loss of 814,870 ringgits in the prior-year period.

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

The normalized profit margin rose to 34.7% from negative 33.5% in the year-earlier period.

Total revenue increased 49.0% on an annual basis to 3.6 million ringgits from 2.4 million ringgits, and total operating expenses fell 56.8% year over year to 1.6 million ringgits from 3.7 million ringgits.

Reported net income came to 1.8 million ringgits, or 1 sen per share, compared to a loss of 1.3 million ringgits, or a loss of 1 sen per share, in the prior-year period.

As of Nov. 23, US$1 was equivalent to 4.44 ringgits.