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DRB-HICOM swings to profit in fiscal Q4

DRB-HICOM Bhd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 1 Malaysian sen per share, compared with a loss of 1 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 28.2 million ringgits, compared with a loss of 26.5 million ringgits in the year-earlier period.

The normalized profit margin dropped to negative 1.0% from negative 0.6% in the year-earlier period.

Total revenue fell 23.0% on an annual basis to 3.21 billion ringgits from 4.17 billion ringgits, and total operating expenses fell 22.7% from the prior-year period to 3.23 billion ringgits from 4.18 billion ringgits.

Reported net income decreased 46.0% on an annual basis to 89.7 million ringgits, or 5 sen per share, from 166.3 million ringgits, or 9 sen per share.

For the year, the company's normalized net income totaled 9 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 13 sen.

EPS declined from 10 sen in the prior year.

Normalized net income was 182.5 million ringgits, a decrease from 187.2 million ringgits in the prior year.

Full-year total revenue declined year over year to 13.69 billion ringgits from 14.20 billion ringgits, and total operating expenses fell on an annual basis to 13.31 billion ringgits from 13.56 billion ringgits.

The company said reported net income decreased 35.0% year over year to 300.3 million ringgits, or 16 sen per share, in the full year, from 462.2 million ringgits, or 24 sen per share.

As of July 15, US$1 was equivalent to 3.81 ringgits.