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OCB Q3 profit climbs 95.8% YOY

OCB Bhd. said its normalized net income for the third quarter came to 1.5 million ringgits, a gain of 95.8% from 776,250 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 increased to 2.1% from 1.1% in the year-earlier period.

Total revenue increased 5.6% on an annual basis to 71.4 million ringgits from 67.7 million ringgits, and total operating expenses grew year over year to 68.2 million ringgits from 65.5 million ringgits.

Reported net income grew from the prior-year period to 1.6 million ringgits, or 2 sen per share, from 525,000 ringgits, or 1 sen per share.

As of Nov. 26, US$1 was equivalent to 4.23 ringgits.