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Asia Brands fiscal Q1 profit falls YOY

Asia Brands Bhd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 3 Malaysian sen per share, a decrease of 75.9% from 12 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 2.2 million ringgits, a decline of 73.8% from 8.6 million ringgits in the year-earlier period.

The normalized profit margin fell to 7.9% from 12.3% in the year-earlier period.

Total revenue increased 14.0% on an annual basis to 79.8 million ringgits from 70.0 million ringgits, and total operating expenses rose 37.2% on an annual basis to 74.2 million ringgits from 54.1 million ringgits.

Reported net income decreased 36.0% year over year to 7.3 million ringgits, or 9 sen per share, from 11.3 million ringgits, or 16 sen per share.

As of Aug. 26, US$1 was equivalent to 3.16 ringgits.