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Solid Automotive fiscal Q1 profit climbs 72.5% YOY

Solid Automotive Bhd. said its normalized net income for the fiscal first quarter ended July 31 amounted to 1.9 million ringgits, an increase of 72.5% from 1.1 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 climbed to 6.0% from 4.1% in the year-earlier period.

Total revenue increased 16.2% year over year to 31.5 million ringgits from 27.1 million ringgits, and total operating expenses increased 12.6% from the prior-year period to 28.4 million ringgits from 25.2 million ringgits.

Reported net income increased 92.3% year over year to 2.2 million ringgits, or 1 sen per share, from 1.2 million ringgits, or 0 sen per share.

As of Sept. 25, US$1 was equivalent to 3.25 ringgits.