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Banking Essentials Newsletter: 17th April Edition

New Hoong Fatt Q3 profit falls YOY

New Hoong Fatt Holdings Bhd. said its third-quarter normalized net income amounted to 7 Malaysian sen per share, a decline of 12.1% from 7 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 4.9 million ringgits, a decrease of 12.1% from 5.6 million ringgits in the prior-year period.

The normalized profit margin fell to 9.0% from 10.5% in the year-earlier period.

Total revenue climbed year over year to 54.5 million ringgits from 53.2 million ringgits, and total operating expenses rose 5.2% year over year to 46.3 million ringgits from 44.0 million ringgits.

Reported net income rose 22.4% on an annual basis to 6.4 million ringgits, or 9 sen per share, from 5.2 million ringgits, or 7 sen per share.

As of Nov. 7, US$1 was equivalent to 4.22 ringgits.