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Yong Tai swings to profit in fiscal Q2

Yong Tai Bhd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 806,880 ringgits, compared with a loss of 273,130 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 rose to 8.3% from negative 1.8% in the year-earlier period.

Total revenue declined 21.1% on an annual basis to 12.2 million ringgits from 15.4 million ringgits, and total operating expenses fell 49.0% year over year to 8.0 million ringgits from 15.7 million ringgits.

Reported net income totaled 184,630 ringgits, or 0 sen per share, compared to a loss of 481,380 ringgits, or a loss of 1 sen per share, in the prior-year period.

As of Feb. 22, US$1 was equivalent to 4.19 ringgits.