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SMIS Corp. Q1 profit falls YOY

SMIS Corp. Bhd. said its normalized net income for the first quarter amounted to 2 Malaysian sen per share, a decrease of 7.0% from 2 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 671,500 ringgits, a decrease of 6.8% from 720,880 ringgits in the prior-year period.

The normalized profit margin dropped to 1.7% from 2.0% in the year-earlier period.

Total revenue grew 14.3% year over year to 40.5 million ringgits from 35.5 million ringgits, and total operating expenses climbed 17.5% from the prior-year period to 38.8 million ringgits from 33.0 million ringgits.

Reported net income rose year over year to 1.0 million ringgits, or 2 sen per share, from 969,000 ringgits, or 2 sen per share.

As of May 27, US$1 was equivalent to 3.65 ringgits.