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Tan Chong Motor Q3 profit climbs YOY

Tan Chong Motor Holdings Bhd. said its normalized net income for the third quarter came to 24.4 million ringgits, a gain from 4.6 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1.8% from 0.4% in the year-earlier period.

Total revenue climbed 19.5% on an annual basis to 1.37 billion ringgits from 1.15 billion ringgits, and total operating expenses grew 18.6% year over year to 1.34 billion ringgits from 1.13 billion ringgits.

Reported net income increased on an annual basis to 29.2 million ringgits, or 4 sen per share, from 1.9 million ringgits, or 0 sen per share.

As of Nov. 18, US$1 was equivalent to 4.36 ringgits.