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NPC Resources swings to profit in Q1

NPC Resources Berhad said its first-quarter normalized net income amounted to 27 Malaysian sen per share, compared with a loss of 2 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 32.7 million ringgits, compared with a loss of 2.1 million ringgits in the prior-year period.

The normalized profit margin increased to 71.1% from negative 3.3% in the year-earlier period.

Total revenue decreased 29.7% year over year to 46.1 million ringgits from 65.5 million ringgits.

Reported net income came to 51.0 million ringgits, or 43 sen per share, compared to a loss of 3.3 million ringgits, or a loss of 3 sen per share, in the prior-year period.

As of May 26, US$1 was equivalent to 4.06 ringgits.