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EastLand Equity swings to profit in Q3

EastLand Equity Bhd said its normalized net income for the third quarter came to 60,530 ringgits, compared with a loss of 1.3 million 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 increased to 0.8% from negative 17.9% in the year-earlier period.

Total revenue increased year over year to 7.5 million ringgits from 7.4 million ringgits, and total operating expenses fell 13.0% from the prior-year period to 7.0 million ringgits from 8.0 million ringgits.

Reported net income totaled 96,850 ringgits, or 0 sen per share, compared to a loss of 2.4 million ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of Nov. 22, US$1 was equivalent to 4.42 ringgits.