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Yong Tai swings to profit in fiscal Q1

Yong Tai Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 1.7 million ringgits, compared with a loss of 184,630 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 rose to 11.3% from negative 1.4% in the year-earlier period.

Total revenue climbed 96.6% on an annual basis to 25.8 million ringgits from 13.1 million ringgits, and total operating expenses increased 83.7% on an annual basis to 24.4 million ringgits from 13.3 million ringgits.

Reported net income came to 2.3 million ringgits, or 6 sen per share, compared to a loss of 428,000 ringgits, or a loss of 1 sen per share, in the prior-year period.

As of Nov. 24, US$1 was equivalent to 3.35 ringgits.