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Yong Tai swings to profit in fiscal Q3

Yong Tai Bhd. said its normalized net income for the fiscal third quarter ended March 31 was 426,250 ringgits, compared with a loss of 289,000 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 rose to 1.0% from negative 1.7% in the year-earlier period.

Total revenue rose on an annual basis to 34.8 million ringgits from 16.8 million ringgits, and total operating expenses increased 99.4% from the prior-year period to 33.6 million ringgits from 16.8 million ringgits.

Reported net income totaled 325,000 ringgits, or 1 sen per share, compared to a loss of 665,000 ringgits, or a loss of 2 sen per share, in the year-earlier period.

As of May 28, US$1 was equivalent to 3.65 ringgits.