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Solid Automotive fiscal Q3 profit falls YOY

Solid Automotive Bhd. said its normalized net income for the fiscal third quarter ended Jan. 31 came to 2.0 million ringgits, a fall of 10.1% from 2.2 million 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 fell to 5.8% from 7.1% in the year-earlier period.

Total revenue climbed 9.3% year over year to 34.3 million ringgits from 31.4 million ringgits, and total operating expenses rose 11.3% year over year to 30.9 million ringgits from 27.8 million ringgits.

Reported net income declined 14.1% on an annual basis to 2.2 million ringgits, or 1 sen per share, from 2.6 million ringgits, or 1 sen per share.

As of March 24, US$1 was equivalent to 3.65 ringgits.