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Hai-O Enterprise fiscal Q4 profit climbs 14.6% YOY

Hai-O Enterprise Bhd. said its normalized net income for the fiscal fourth quarter ended April 30 was 3 Malaysian sen per share, a gain of 15.4% from 3 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.8 million ringgits, an increase of 14.6% from 7.7 million ringgits in the year-earlier period.

The normalized profit margin rose to 12.5% from 12.5% in the year-earlier period.

Total revenue grew 14.4% year over year to 70.4 million ringgits from 61.5 million ringgits, and total operating expenses climbed 12.1% from the prior-year period to 55.5 million ringgits from 49.5 million ringgits.

Reported net income fell 13.9% on an annual basis to 9.1 million ringgits, or 3 sen per share, from 10.5 million ringgits, or 4 sen per share.

For the year, the company's normalized net income totaled 9 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 10 sen.

EPS declined 19.7% from 11 sen in the prior year.

Normalized net income was 25.9 million ringgits, a decline of 20.2% from 32.5 million ringgits in the prior year.

Full-year total revenue decreased 5.4% year over year to 239.9 million ringgits from 253.4 million ringgits, and total operating expenses fell year over year to 198.1 million ringgits from 201.5 million ringgits.

The company said reported net income declined 26.1% year over year to 29.8 million ringgits, or 10 sen per share, in the full year, from 40.3 million ringgits, or 14 sen per share.

As of Aug. 7, US$1 was equivalent to 3.95 ringgits.