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Fiamma Holdings fiscal Q1 profit falls YOY

Fiamma Holdings Bhd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to 2.4 million ringgits, a fall of 65.2% from 6.9 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 fell to 3.8% from 8.9% in the year-earlier period.

Total revenue fell 18.4% on an annual basis to 62.7 million ringgits from 76.9 million ringgits, and total operating expenses decreased 11.3% on an annual basis to 56.7 million ringgits from 63.9 million ringgits.

Reported net income declined 66.9% year over year to 2.6 million ringgits, or 1 sen per share, from 7.8 million ringgits, or 2 sen per share.

As of Feb. 23, US$1 was equivalent to 4.22 ringgits.