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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 1.4 million ringgits, a decline of 29.7% from 2.0 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 4.6% from 5.8% in the year-earlier period.

Total revenue decreased 12.0% year over year to 30.2 million ringgits from 34.3 million ringgits, and total operating expenses decreased 9.8% year over year to 27.9 million ringgits from 30.9 million ringgits.

Reported net income fell 40.7% year over year to 1.3 million ringgits, or 0 sen per share, from 2.2 million ringgits, or 1 sen per share.

As of March 30, US$1 was equivalent to 3.92 ringgits.