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Formosa Prosonic Industries Q3 profit falls YOY

Formosa Prosonic Industries Bhd. said its third-quarter normalized net income amounted to 2 Malaysian sen per share, a decrease of 36.6% from 3 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 4.5 million ringgits, a decline of 36.6% from 7.0 million ringgits in the prior-year period.

The normalized profit margin fell to 4.2% from 7.7% in the year-earlier period.

Total revenue increased 17.0% year over year to 107.3 million ringgits from 91.7 million ringgits, and total operating expenses climbed 22.1% on an annual basis to 99.9 million ringgits from 81.8 million ringgits.

Reported net income declined 12.7% from the prior-year period to 7.3 million ringgits, or 3 sen per share, from 8.4 million ringgits, or 3 sen per share.

As of Nov. 10, US$1 was equivalent to 4.35 ringgits.