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Lee Swee Kiat Q2 profit climbs YOY

Lee Swee Kiat Group Bhd. said its second-quarter normalized net income was 677,500 ringgits, a gain from 268,750 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 climbed to 3.9% from 1.8% in the year-earlier period.

Total revenue rose 19.5% on an annual basis to 17.5 million ringgits from 14.6 million ringgits, and total operating expenses climbed 15.5% year over year to 16.3 million ringgits from 14.1 million ringgits.

Reported net income increased from the prior-year period to 974,000 ringgits, or 1 sen per share, from 345,000 ringgits, or 0 sen per share.

As of Aug. 24, US$1 was equivalent to 4.04 ringgits.