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OldTown fiscal Q4 profit falls YOY

OldTown Berhad said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 2 Malaysian sen per share, a decline of 42.7% from 3 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.7 million ringgits, a decrease of 42.6% from 15.2 million ringgits in the prior-year period.

The normalized profit margin dropped to 8.2% from 14.5% in the year-earlier period.

Total revenue climbed year over year to 107.0 million ringgits from 104.5 million ringgits, and total operating expenses grew 21.0% from the prior-year period to 93.0 million ringgits from 76.8 million ringgits.

Reported net income declined 46.0% year over year to 9.9 million ringgits, or 2 sen per share, from 18.4 million ringgits, or 4 sen per share.

For the year, the company's normalized net income totaled 11 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14 sen.

EPS rose 15.4% from 10 sen in the prior year.

Normalized net income was 49.7 million ringgits, a rise of 16.3% from 42.7 million ringgits in the prior year.

Full-year total revenue rose 8.1% on an annual basis to 425.2 million ringgits from 393.4 million ringgits, and total operating expenses rose 8.8% on an annual basis to 352.4 million ringgits from 323.9 million ringgits.

The company said reported net income grew 16.3% on an annual basis to 60.8 million ringgits, or 13 sen per share, in the full year, from 52.3 million ringgits, or 12 sen per share.

As of July 17, US$1 was equivalent to 4.29 ringgits.