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Sern Kou Resources swings to profit in fiscal Q1

Sern Kou Resources Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 350,000 ringgits, compared with a loss of 984,380 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 1.3% from negative 4.2% in the year-earlier period.

Total revenue increased 17.7% on an annual basis to 27.3 million ringgits from 23.2 million ringgits, and total operating expenses grew 5.8% year over year to 26.3 million ringgits from 24.8 million ringgits.

Reported net income came to 548,000 ringgits, or 0 sen per share, compared to a loss of 1.6 million ringgits, or a loss of 1 sen per share, in the prior-year period.

As of Nov. 28, US$1 was equivalent to 3.38 ringgits.