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Guan Chong swings to profit in Q3

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Guan Chong swings to profit in Q3

Guan Chong Bhd. said its third-quarter normalized net income amounted to 3 Malaysian sen per share, compared with a loss of 2 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 15.2 million ringgits, compared with a loss of 8.4 million ringgits in the prior-year period.

The normalized profit margin rose to 2.2% from negative 2.0% in the year-earlier period.

Total revenue rose 72.2% on an annual basis to 708.8 million ringgits from 411.6 million ringgits, and total operating expenses grew 62.0% on an annual basis to 680.8 million ringgits from 420.2 million ringgits.

Reported net income totaled 21.7 million ringgits, or 5 sen per share, compared to a loss of 13.2 million ringgits, or a loss of 3 sen per share, in the year-earlier period.

As of Nov. 24, US$1 was equivalent to 4.22 ringgits.