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Emico Holdings swings to profit in fiscal Q1

Emico Holdings Bhd. said its normalized net income for the fiscal first quarter ended June 30 came to 1.5 million ringgits, compared with a loss of 158,630 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 increased to 6.7% from negative 1.0% in the year-earlier period.

Total revenue rose 32.5% year over year to 22.0 million ringgits from 16.6 million ringgits, and total operating expenses rose 17.2% from the prior-year period to 19.5 million ringgits from 16.7 million ringgits.

Reported net income came to 2.3 million ringgits, or 2 sen per share, compared to a loss of 222,000 ringgits, or a loss of 0 sen per share, in the prior-year period.

As of Aug. 28, US$1 was equivalent to 4.18 ringgits.