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D.B.E. Gurney Resources swings to profit in Q1

D.B.E. Gurney Resources Bhd. said its first-quarter normalized net income was 465,000 ringgits, compared with a loss of 1.8 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 1.6% from negative 4.2% in the year-earlier period.

Total revenue declined 35.5% year over year to 28.5 million ringgits from 44.2 million ringgits, and total operating expenses declined 41.4% year over year to 27.4 million ringgits from 46.7 million ringgits.

Reported net income totaled 729,000 ringgits, or 0 sen per share, compared to a loss of 2.8 million ringgits, or a loss of 0 sen per share, in the prior-year period.

As of May 30, US$1 was equivalent to 4.11 ringgits.