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Yong Tai fiscal Q1 profit falls YOY

Yong Tai Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 598,130 ringgits, a decline of 69.3% from 1.9 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 fell to 8.3% from 11.3% in the year-earlier period.

Total revenue decreased 57.9% on an annual basis to 7.2 million ringgits from 17.2 million ringgits, and total operating expenses fell 60.8% year over year to 5.5 million ringgits from 13.9 million ringgits.

Reported net income decreased 74.2% on an annual basis to 681,710 ringgits, or 0 sen per share, from 2.6 million ringgits, or 7 sen per share.

As of Nov. 23, US$1 was equivalent to 4.28 ringgits.