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Cepatwawasan Group Q1 profit falls YOY

Cepatwawasan Group Bhd. said its first-quarter normalized net income amounted to 2.5 million ringgits, a decline of 50.2% from 4.9 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 dropped to 5.8% from 9.7% in the year-earlier period.

Total revenue declined 16.5% year over year to 42.4 million ringgits from 50.8 million ringgits, and total operating expenses decreased 12.5% on an annual basis to 38.2 million ringgits from 43.7 million ringgits.

Reported net income declined 45.6% from the prior-year period to 3.3 million ringgits, or 1 sen per share, from 6.1 million ringgits, or 2 sen per share.

As of April 30, US$1 was equivalent to 3.57 ringgits.