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Lee Swee Kiat Q1 profit climbs YOY

Lee Swee Kiat Group Bhd. said its normalized net income for the first quarter came to 894,380 ringgits, an increase from 375,630 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 4.0% from 2.2% in the year-earlier period.

Total revenue climbed 34.0% year over year to 22.6 million ringgits from 16.9 million ringgits, and total operating expenses grew 31.1% on an annual basis to 21.1 million ringgits from 16.1 million ringgits.

Reported net income increased on an annual basis to 1.4 million ringgits, or 1 sen per share, from 601,000 ringgits, or 0 sen per share.

As of May 28, US$1 was equivalent to 3.65 ringgits.