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Magni-Tech Industries fiscal Q1 profit climbs 10.3% YOY

Magni-Tech Industries Bhd. said its normalized net income for the fiscal first quarter ended July 31 was 5 Malaysian sen per share, a gain of 10.3% from 5 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 8.4 million ringgits, a gain of 10.3% from 7.6 million ringgits in the prior-year period.

The normalized profit margin fell to 4.7% from 5.0% in the year-earlier period.

Total revenue increased 17.4% year over year to 177.2 million ringgits from 151.0 million ringgits, and total operating expenses increased 18.1% on an annual basis to 165.9 million ringgits from 140.5 million ringgits.

Reported net income grew 10.3% on an annual basis to 10.1 million ringgits, or 6 sen per share, from 9.1 million ringgits, or 6 sen per share.

As of Sept. 12, US$1 was equivalent to 3.20 ringgits.