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Solid Automotive fiscal Q1 profit falls YOY

Solid Automotive Bhd. said its normalized net income for the fiscal first quarter ended July 31 amounted to 1.3 million ringgits, a decline of 32.9% from 1.9 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 fell to 4.5% from 6.0% in the year-earlier period.

Total revenue fell 10.0% on an annual basis to 28.3 million ringgits from 31.5 million ringgits, and total operating expenses fell 8.4% on an annual basis to 26.0 million ringgits from 28.4 million ringgits.

Reported net income fell 34.7% from the prior-year period to 1.5 million ringgits, or 0 sen per share, from 2.2 million ringgits, or 1 sen per share.

As of Sept. 22, US$1 was equivalent to 4.30 ringgits.