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Magni-Tech Industries fiscal Q3 profit climbs 16.2% YOY

Magni-Tech Industries Bhd. said its normalized net income for the fiscal third quarter ended Jan. 31 was 9 Malaysian sen per share, an increase of 16.2% from 8 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 14.4 million ringgits, an increase of 16.2% from 12.4 million ringgits in the prior-year period.

The normalized profit margin increased to 7.2% from 6.6% in the year-earlier period.

Total revenue grew 7.1% on an annual basis to 200.4 million ringgits from 187.1 million ringgits, and total operating expenses climbed 6.0% on an annual basis to 177.7 million ringgits from 167.7 million ringgits.

Reported net income increased 17.9% from the prior-year period to 17.5 million ringgits, or 11 sen per share, from 14.8 million ringgits, or 9 sen per share.

As of March 16, US$1 was equivalent to 3.70 ringgits.