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Lee Swee Kiat Q3 profit falls YOY

Lee Swee Kiat Group Bhd. said its normalized net income for the third quarter amounted to 551,250 ringgits, a decline of 27.3% from 758,750 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 declined to 3.3% from 4.2% in the year-earlier period.

Total revenue declined 8.4% year over year to 16.7 million ringgits from 18.2 million ringgits, and total operating expenses declined 7.6% year over year to 15.7 million ringgits from 17.0 million ringgits.

Reported net income fell 21.8% year over year to 832,000 ringgits, or 1 sen per share, from 1.1 million ringgits, or 1 sen per share.

As of Nov. 12, US$1 was equivalent to 4.38 ringgits.