Magnum returns to the black despite lower revenue

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.