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Watta Holding swings to profit in fiscal Q2

Watta Holding Berhad said its normalized net income for the fiscal second quarter ended March 31 came to 30,250 ringgits, compared with a loss of 438,130 ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.3% from negative 5.3% in the year-earlier period.

Total revenue climbed 40.1% year over year to 11.6 million ringgits from 8.3 million ringgits, and total operating expenses grew 28.4% year over year to 11.8 million ringgits from 9.2 million ringgits.

Reported net income came to 37,000 ringgits, or 0 sen per share, compared to a loss of 682,000 ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of May 20, US$1 was equivalent to 3.61 ringgits.