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SYF Resources fiscal Q1 profit climbs 14.3% YOY

SYF Resources Bhd. said its normalized net income for the fiscal first quarter ended Oct. 31 amounted to 3.5 million ringgits, an increase of 14.3% from 3.0 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 increased to 5.8% from 4.9% in the year-earlier period.

Total revenue fell on an annual basis to 60.0 million ringgits from 62.1 million ringgits, and total operating expenses decreased 5.0% on an annual basis to 53.6 million ringgits from 56.5 million ringgits.

Reported net income increased 10.2% year over year to 5.1 million ringgits, or 1 sen per share, from 4.7 million ringgits, or 1 sen per share.

As of Dec. 9, US$1 was equivalent to 3.48 ringgits.