Magnum Bhd said on Tuesday its better performance was due to lower pre-tax loss recorded by the investment holdings division mainly due to tax penalty of RM44.20mil a year ago.
PETALING JAYA: Despite lower revenue, Magnum Bhd
has returned to the black with a net profit of RM48mil in the third quarter ended Sept 30, driven by lower net loss of investment holding and other divisions.
In a filing with Bursa Malaysia, the company said its information technology subsidiary had incurred a tax penalty of RM44.2mil and a pre-tax profit of RM5.5mil, resulting in net losses in the corresponding period last year.
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