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Kwantas fiscal Q1 profit falls YOY

Kwantas Corp. Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 3.0 million ringgits, a decrease of 63.6% from 8.3 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 declined to 1.0% from 2.3% in the year-earlier period.

Total revenue fell 17.4% on an annual basis to 295.3 million ringgits from 357.3 million ringgits, and total operating expenses fell 15.8% year over year to 284.5 million ringgits from 337.7 million ringgits.

Reported net income fell 72.1% from the prior-year period to 3.3 million ringgits, or 1 sen per share, from 11.8 million ringgits, or 4 sen per share.

As of Nov. 27, US$1 was equivalent to 3.35 ringgits.