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Hwa Tai Industries swings to profit in Q1

Hwa Tai Industries Bhd. said its normalized net income for the first quarter came to 107,500 ringgits, compared with a loss of 152,000 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 0.6% from negative 0.9% in the year-earlier period.

Total revenue climbed year over year to 16.7 million ringgits from 16.5 million ringgits, and total operating expenses fell year over year to 16.3 million ringgits from 16.5 million ringgits.

Reported net income came to 85,000 ringgits, or 0 sen per share, compared to a loss of 245,000 ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of May 31, US$1 was equivalent to 4.11 ringgits.