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Kim Loong Resources fiscal Q1 profit climbs 99.1% YOY

Kim Loong Resources Bhd. said its normalized net income for the fiscal first quarter ended April 30 was 7 Malaysian sen per share, an increase of 98.6% from 4 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 22.4 million ringgits, a gain of 99.1% from 11.2 million ringgits in the prior-year period.

The normalized profit margin rose to 10.3% from 8.2% in the year-earlier period.

Total revenue rose 58.0% year over year to 217.0 million ringgits from 137.3 million ringgits, and total operating expenses grew 50.9% on an annual basis to 173.3 million ringgits from 114.8 million ringgits.

Reported net income grew year over year to 28.4 million ringgits, or 9 sen per share, from 14.1 million ringgits, or 5 sen per share.

As of June 26, US$1 was equivalent to 3.22 ringgits.