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HeiTech Padu Q1 profit falls YOY

HeiTech Padu Bhd. said its first-quarter normalized net income was 52,000 ringgits, a fall of 98.2% from 2.9 million 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 fell to 0.1% from 2.8% in the year-earlier period.

Total revenue declined 16.8% on an annual basis to 85.9 million ringgits from 103.3 million ringgits, and total operating expenses fell 15.1% year over year to 82.4 million ringgits from 97.1 million ringgits.

Reported net income fell 89.4% from the prior-year period to 456,000 ringgits, or 0 sen per share, from 4.3 million ringgits, or 4 sen per share.

As of May 26, US$1 was equivalent to 4.06 ringgits.