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Yoong Onn fiscal Q1 profit climbs 31.5% YOY

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Yoong Onn fiscal Q1 profit climbs 31.5% YOY

Yoong Onn Corp. Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 2 Malaysian sen per share, a gain of 31.6% from 2 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 3.8 million ringgits, an increase of 31.5% from 2.9 million ringgits in the year-earlier period.

The normalized profit margin increased to 8.9% from 6.5% in the year-earlier period.

Total revenue decreased on an annual basis to 42.3 million ringgits from 43.9 million ringgits, and total operating expenses decreased 7.6% year over year to 36.1 million ringgits from 39.1 million ringgits.

Reported net income grew 44.4% year over year to 4.8 million ringgits, or 3 sen per share, from 3.3 million ringgits, or 2 sen per share.

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