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Teo Guan Lee swings to profit in fiscal Q3

Teo Guan Lee Corp. Bhd. said its normalized net income for the fiscal third quarter ended March 31 was 136,000 ringgits, compared with a loss of 116,000 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 0.7% from negative 0.7% in the year-earlier period.

Total revenue increased 15.0% on an annual basis to 20.5 million ringgits from 17.8 million ringgits, and total operating expenses climbed 12.8% from the prior-year period to 20.3 million ringgits from 18.0 million ringgits.

Reported net income totaled 104,000 ringgits, or 0 sen per share, compared to a loss of 64,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 3.65 ringgits.