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OCB Q3 profit falls YOY

OCB Bhd. said its normalized net income for the third quarter amounted to 922,500 ringgits, a fall of 39.3% 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 fell to 1.3% from 2.1% in the year-earlier period.

Total revenue grew year over year to 73.5 million ringgits from 71.4 million ringgits, and total operating expenses grew from the prior-year period to 71.2 million ringgits from 68.2 million ringgits.

Reported net income decreased 29.1% on an annual basis to 1.1 million ringgits, or 1 sen per share, from 1.6 million ringgits, or 2 sen per share.

As of Nov. 24, US$1 was equivalent to 4.40 ringgits.