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Ygl Convergence Q1 profit falls YOY

Ygl Convergence Bhd. said its normalized net income for the first quarter was 186,490 ringgits, a decline of 58.9% from 454,250 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 declined to 12.0% from 18.1% in the year-earlier period.

Total revenue decreased 38.2% on an annual basis to 1.5 million ringgits from 2.5 million ringgits, and total operating expenses declined 19.0% year over year to 1.3 million ringgits from 1.6 million ringgits.

Reported net income decreased 63.2% year over year to 279,900 ringgits, or 0 sen per share, from 761,200 ringgits, or 0 sen per share.

As of May 27, US$1 was equivalent to 4.08 ringgits.