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DeGem Q2 profit climbs YOY

DeGem Berhad said its second-quarter normalized net income came to 1.5 million ringgits, an increase from 563,880 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 3.3% from 1.5% in the year-earlier period.

Total revenue increased 18.6% on an annual basis to 43.9 million ringgits from 37.0 million ringgits, and total operating expenses increased 13.1% year over year to 41.4 million ringgits from 36.6 million ringgits.

Reported net income increased 83.6% on an annual basis to 1.7 million ringgits, or 1 sen per share, from 935,000 ringgits, or 1 sen per share.

As of Aug. 18, US$1 was equivalent to 3.99 ringgits.