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MBM Resources Q1 profit climbs 83.4% YOY

MBM Resources Bhd. said its normalized net income for the first quarter came to 7 Malaysian sen per share, an increase of 84.0% from 4 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 25.9 million ringgits, an increase of 83.4% from 14.1 million ringgits in the prior-year period.

The normalized profit margin increased to 4.4% from 3.2% in the year-earlier period.

Total revenue rose 32.3% year over year to 591.7 million ringgits from 447.4 million ringgits, and total operating expenses grew 24.0% year over year to 563.9 million ringgits from 454.8 million ringgits.

Reported net income grew 50.1% from the prior-year period to 35.1 million ringgits, or 9 sen per share, from 23.4 million ringgits, or 6 sen per share.

As of May 25, US$1 was equivalent to 3.62 ringgits.