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APM Automotive Q2 profit falls YOY

APM Automotive Holdings Bhd. said its normalized net income for the second quarter was 3 Malaysian sen per share, a decrease of 34.9% from 4 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.3 million ringgits, a decrease of 34.9% from 8.1 million ringgits in the year-earlier period.

The normalized profit margin dropped to 1.9% from 2.6% in the year-earlier period.

Total revenue fell 10.1% on an annual basis to 275.5 million ringgits from 306.5 million ringgits, and total operating expenses declined 9.2% year over year to 265.4 million ringgits from 292.3 million ringgits.

Reported net income decreased 60.6% on an annual basis to 2.5 million ringgits, or 1 sen per share, from 6.4 million ringgits, or 3 sen per share.

As of Aug. 21, US$1 was equivalent to 4.29 ringgits.