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Prestariang Q2 profit falls YOY

Prestariang Bhd. said its normalized net income for the second quarter came to 3.1 million ringgits, a fall from 3.2 million 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 dropped to 6.4% from 9.1% in the year-earlier period.

Total revenue grew 39.5% year over year to 48.8 million ringgits from 35.0 million ringgits, and total operating expenses grew 43.3% year over year to 44.6 million ringgits from 31.1 million ringgits.

Reported net income fell 27.2% year over year to 3.7 million ringgits, or 1 sen per share, from 5.1 million ringgits, or 1 sen per share.

As of Aug. 24, US$1 was equivalent to 4.04 ringgits.