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New Hoong Fatt Q1 profit climbs 12.5% YOY

New Hoong Fatt Holdings Bhd. said its first-quarter normalized net income was 5 Malaysian sen per share, an increase of 12.5% from 4 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.7 million ringgits, an increase of 12.5% from 3.3 million ringgits in the year-earlier period.

The normalized profit margin fell to 6.8% from 6.9% in the year-earlier period.

Total revenue rose 13.4% year over year to 54.6 million ringgits from 48.2 million ringgits, and total operating expenses increased 13.4% year over year to 48.4 million ringgits from 42.7 million ringgits.

Reported net income rose 25.4% on an annual basis to 5.5 million ringgits, or 7 sen per share, from 4.4 million ringgits, or 6 sen per share.

As of May 24, US$1 was equivalent to 4.11 ringgits.