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Solid Automotive fiscal Q2 profit falls YOY

Solid Automotive Bhd. said its normalized net income for the fiscal second quarter ended Oct. 31 came to 2.4 million ringgits, a decrease of 8.0% from 2.6 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 rose to 7.1% from 7.1% in the year-earlier period.

Total revenue decreased 8.7% on an annual basis to 33.2 million ringgits from 36.4 million ringgits, and total operating expenses declined 8.6% on an annual basis to 29.3 million ringgits from 32.1 million ringgits.

Reported net income fell 13.0% on an annual basis to 2.7 million ringgits, or 1 sen per share, from 3.1 million ringgits, or 1 sen per share.

As of Dec. 28, US$1 was equivalent to 4.30 ringgits.