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Solid Automotive fiscal Q2 profit climbs 72.1% YOY

Solid Automotive Bhd. said its normalized net income for the fiscal second quarter ended Oct. 31 came to 2.6 million ringgits, a rise of 72.1% from 1.5 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 7.1% from 4.8% in the year-earlier period.

Total revenue increased 16.3% on an annual basis to 36.4 million ringgits from 31.3 million ringgits, and total operating expenses grew 17.7% on an annual basis to 32.1 million ringgits from 27.2 million ringgits.

Reported net income rose on an annual basis to 3.1 million ringgits, or 1 sen per share, from 1.4 million ringgits, or 0 sen per share.

As of Dec. 29, US$1 was equivalent to 3.50 ringgits.