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Paragon Union swings to profit in Q2

Paragon Union Berhad said its second-quarter normalized net income amounted to 756,250 ringgits, compared with a loss of 37,500 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 4.7% from negative 0.2% in the year-earlier period.

Total revenue fell 5.4% year over year to 16.0 million ringgits from 16.9 million ringgits, and total operating expenses fell 12.3% on an annual basis to 14.6 million ringgits from 16.6 million ringgits.

Reported net income came to 1.5 million ringgits, or 2 sen per share, compared to a loss of 60,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of Aug. 26, US$1 was equivalent to 4.01 ringgits.