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Teo Guan Lee swings to profit in fiscal Q2

Teo Guan Lee Corp. Bhd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 250,250 ringgits, compared with a loss of 976,750 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 1.3% from negative 4.8% in the year-earlier period.

Total revenue decreased year over year to 19.4 million ringgits from 20.2 million ringgits, and total operating expenses fell 12.7% year over year to 19.0 million ringgits from 21.8 million ringgits.

Reported net income came to 263,000 ringgits, or 1 sen per share, compared to a loss of 1.2 million ringgits, or a loss of 3 sen per share, in the year-earlier period.

As of Feb. 25, US$1 was equivalent to 4.22 ringgits.