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Guan Chong Q3 profit falls YOY

Guan Chong Bhd. said its third-quarter normalized net income amounted to 2 Malaysian sen per share, a decline of 28.5% from 3 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 10.9 million ringgits, a decline of 28.3% from 15.2 million ringgits in the prior-year period.

The normalized profit margin declined to 1.8% from 2.2% in the year-earlier period.

Total revenue fell 15.7% year over year to 597.5 million ringgits from 708.8 million ringgits, and total operating expenses declined 15.6% from the prior-year period to 574.7 million ringgits from 680.8 million ringgits.

Reported net income fell 28.5% year over year to 15.5 million ringgits, or 3 sen per share, from 21.7 million ringgits, or 5 sen per share.

As of Nov. 18, US$1 was equivalent to 4.41 ringgits.