Paragon Union Berhad said its third-quarter normalized net income came to 23,130 ringgits, a decline of 97.9% from 1.1 million ringgits in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.2% from 9.5% in the year-earlier period.

Total revenue climbed 25.6% on an annual basis to 14.9 million ringgits from 11.9 million ringgits, and total operating expenses rose 49.7% year over year to 14.6 million ringgits from 9.7 million ringgits.

Reported net income decreased 97.9% on an annual basis to 37,000 ringgits, or 0 sen per share, from 1.8 million ringgits, or 3 sen per share.

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