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Prestariang Q1 profit falls YOY

Prestariang Bhd. said its first-quarter normalized net income was 2.5 million ringgits, a decline of 37.4% from 4.0 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 dropped to 6.3% from 19.4% in the year-earlier period.

Total revenue rose 94.4% year over year to 40.0 million ringgits from 20.6 million ringgits, and total operating expenses rose year over year to 36.5 million ringgits from 13.9 million ringgits.

Reported net income fell 37.4% from the prior-year period to 4.0 million ringgits, or 1 sen per share, from 6.4 million ringgits, or 1 sen per share.

As of May 27, US$1 was equivalent to 3.65 ringgits.