Duty Free International Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 28 came to 1 Malaysian sen per share, a decrease of 32.0% 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 12.1 million ringgits, a decline of 32.0% from 17.8 million ringgits in the prior-year period.
The normalized profit margin dropped to 7.6% from 11.0% in the year-earlier period.
Total revenue came to 160.0 million ringgits, compared with 161.4 million ringgits in the year-earlier period, and total operating expenses rose from the prior-year period to 139.8 million ringgits from 137.7 million ringgits.
Reported net income rose 28.7% year over year to 21.0 million ringgits, or 2 sen per share, from 16.3 million ringgits, or 1 sen per share.
For the year, the company's normalized net income totaled 4 sen per share, a fall of 16.5% from 5 sen per share in the prior year.
Normalized net income was 41.6 million ringgits, a decrease of 17.0% from 50.2 million ringgits in the prior year.
Full-year total revenue declined year over year to 561.0 million ringgits from 566.9 million ringgits, and total operating expenses increased on an annual basis to 495.4 million ringgits from 490.3 million ringgits.
The company said reported net income grew year over year to 55.0 million ringgits, or 5 sen per share, in the full year, from 53.2 million ringgits, or 5 sen per share.
As of June 8, US$1 was equivalent to 3.77 ringgits.
