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Lee Swee Kiat Q3 profit climbs 46.7% YOY

Lee Swee Kiat Group Bhd. said its normalized net income for the third quarter came to 808,750 ringgits, an increase of 46.7% from 551,250 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 rose to 5.5% from 3.3% in the year-earlier period.

Total revenue declined 12.2% on an annual basis to 14.6 million ringgits from 16.7 million ringgits, and total operating expenses decreased 14.8% on an annual basis to 13.4 million ringgits from 15.7 million ringgits.

Reported net income increased 43.5% on an annual basis to 1.2 million ringgits, or 1 sen per share, from 832,000 ringgits, or 1 sen per share.

As of Nov. 24, US$1 was equivalent to 4.40 ringgits.