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Paragon Union swings to profit in Q1

Paragon Union Berhad said its normalized net income for the first quarter amounted to 116,880 ringgits, compared with a loss of 591,880 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 increased to 0.7% from negative 5.9% in the year-earlier period.

Total revenue rose 77.3% on an annual basis to 17.7 million ringgits from 10.0 million ringgits, and total operating expenses rose 61.8% year over year to 17.2 million ringgits from 10.6 million ringgits.

Reported net income totaled 199,000 ringgits, or 0 sen per share, compared to a loss of 947,000 ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 3.65 ringgits.