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Formosa Prosonic Industries Q2 profit climbs YOY

Formosa Prosonic Industries Bhd. said its normalized net income for the second quarter amounted to 1.6 million ringgits, a gain from 658,250 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 2.1% from 0.9% in the year-earlier period.

Total revenue grew 8.9% year over year to 76.1 million ringgits from 69.9 million ringgits, and total operating expenses climbed from the prior-year period to 70.3 million ringgits from 68.6 million ringgits.

Reported net income rose on an annual basis to 3.0 million ringgits, or 1 sen per share, from 1.2 million ringgits, or 0 sen per share.

As of Aug. 12, US$1 was equivalent to 4.01 ringgits.