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MSM Malaysia Q4 profit falls YOY

MSM Malaysia Holdings Bhd. said its fourth-quarter normalized net income came to 8 Malaysian sen per share, a decline of 14.1% from 9 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 56.2 million ringgits, a decline of 14.1% from 65.5 million ringgits in the prior-year period.

The normalized profit margin fell to 8.2% from 10.4% in the year-earlier period.

Total revenue increased 5.7% on an annual basis to 664.0 million ringgits from 628.1 million ringgits, and total operating expenses grew 6.5% from the prior-year period to 560.7 million ringgits from 526.5 million ringgits.

Reported net income fell 18.3% on an annual basis to 61.3 million ringgits, or 9 sen per share, from 75.0 million ringgits, or 11 sen per share.

For the year, the company's normalized net income totaled 33 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 39 sen.

EPS rose 6.7% from 31 sen in the prior year.

Normalized net income was 229.6 million ringgits, an increase of 6.7% from 215.1 million ringgits in the prior year.

Full-year total revenue grew year over year to 2.31 billion ringgits from 2.28 billion ringgits, and total operating expenses totaled 1.94 billion ringgits, compared with 1.95 billion ringgits in the year-earlier period.

The company said reported net income grew 7.1% year over year to 275.3 million ringgits, or 39 sen per share, in the full year, from 257.0 million ringgits, or 37 sen per share.

As of March 30, US$1 was equivalent to 3.92 ringgits.