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Mintye fiscal Q1 profit falls YOY

Mintye Berhad said its normalized net income for the fiscal first quarter ended April 30 was 498,880 ringgits, a decrease of 44.2% from 894,250 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 fell to 4.3% from 6.2% in the year-earlier period.

Total revenue decreased 20.2% on an annual basis to 11.5 million ringgits from 14.4 million ringgits, and total operating expenses decreased 17.6% from the prior-year period to 10.7 million ringgits from 13.0 million ringgits.

Reported net income decreased 53.5% year over year to 554,000 ringgits, or 1 sen per share, from 1.2 million ringgits, or 2 sen per share.

As of June 30, US$1 was equivalent to 3.77 ringgits.