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DeGem Q2 profit falls YOY

DeGem Berhad said its normalized net income for the second quarter was 563,880 ringgits, a decrease of 84.0% from 3.5 million 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 dropped to 1.5% from 7.5% in the year-earlier period.

Total revenue fell 21.2% on an annual basis to 37.0 million ringgits from 47.0 million ringgits, and total operating expenses decreased 11.9% year over year to 36.6 million ringgits from 41.6 million ringgits.

Reported net income decreased 78.7% on an annual basis to 935,000 ringgits, or 1 sen per share, from 4.4 million ringgits, or 3 sen per share.

As of Aug. 20, US$1 was equivalent to 4.12 ringgits.