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Maxwell International swings to profit in Q1

Maxwell International Holdings Bhd. said its first-quarter normalized net income was 14.3 million ringgits, compared with a loss of 2.0 million 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 climbed to 169.6% from negative 10.0% in the year-earlier period.

Total revenue fell 57.6% on an annual basis to 8.4 million ringgits from 19.9 million ringgits, and total operating expenses fell 50.6% year over year to 10.6 million ringgits from 21.5 million ringgits.

Reported net income totaled 22.9 million ringgits, or 6 sen per share, compared to a loss of 3.0 million ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of May 31, US$1 was equivalent to 4.11 ringgits.