Associated Air-Pak Industries Bhd (XKLS:03067) Operating Income: RM-0.74 Mil (TTM As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is Associated Air-Pak Industries Bhd Operating Income?

Associated Air-Pak Industries Bhd XKLS:03067 Operating Income is RM-0.74 Mil as of Dec. 2025. The stock has 3 warning signs investors should review.

Associated Air-Pak Industries Bhd's Operating Income for the three months ended in Dec. 2025 was RM-0.74 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was RM-0.74 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Associated Air-Pak Industries Bhd's Operating Income for the three months ended in Dec. 2025 was RM-0.74 Mil. Associated Air-Pak Industries Bhd's Revenue for the three months ended in Dec. 2025 was RM12.97 Mil. Therefore, Associated Air-Pak Industries Bhd's Operating Margin % for the quarter that ended in Dec. 2025 was -5.73%.

Associated Air-Pak Industries Bhd's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Associated Air-Pak Industries Bhd's annualized ROC % for the quarter that ended in Dec. 2025 was -2.19%. Associated Air-Pak Industries Bhd's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 9.41%.

Associated Air-Pak Industries Bhd  (XKLS:03067) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Associated Air-Pak Industries Bhd's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=-2.972 * ( 1 - 46.24% )/( (70.718 + 74.975)/ 2 )
=-1.5977472/72.8465
=-2.19 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=74.1 - 2.596 - ( 1.421 - max(0, 19.508 - 20.294+1.421))
=70.718

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=78.043 - 3.763 - ( 2.228 - max(0, 24.207 - 23.512+2.228))
=74.975

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Associated Air-Pak Industries Bhd's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=3.516/( ( (22.058 + max(14.317, 0)) + (22.555 + max(15.838, 0)) )/ 2 )
=3.516/( ( 36.375 + 38.393 )/ 2 )
=3.516/37.384
=9.41 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(7.141 + 9.456 + 0.316) - (2.596 + 0 + 0)
=14.317

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(9.561 + 9.704 + 0.336) - (3.763 + 0 + 0)
=15.838

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Associated Air-Pak Industries Bhd's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=-0.743/12.973
=-5.73 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Associated Air-Pak Industries Bhd Operating Income Related Terms

Associated Air-Pak Industries Bhd Operating Income Historical Data

* Premium members only.

The historical data trend for Associated Air-Pak Industries Bhd's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Associated Air-Pak Industries Bhd Operating Income Chart

Associated Air-Pak Industries Bhd Annual Data
Trend Dec23 Dec24 Dec25
Operating Income
0.75 1.23 -0.16

Associated Air-Pak Industries Bhd Quarterly Data
Dec23 Dec24 Sep25 Dec25
Operating Income 0.00 -0.15 0.00 -0.74

Associated Air-Pak Industries Bhd Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was RM-0.74 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of RM-0.74 Mil mean?
Associated Air-Pak Industries Bhd (XKLS:03067) has a Operating Income of RM-0.74 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Associated Air-Pak Industries Bhd and its competitors.
Is Associated Air-Pak Industries Bhd's Operating Income too high?
Associated Air-Pak Industries Bhd's current Operating Income is RM-0.74 Mil.
How does Associated Air-Pak Industries Bhd's Operating Income compare to SW and AMCR?
Associated Air-Pak Industries Bhd's Operating Income of RM-0.74 Mil can be compared against companies in the Packaging & Containers industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Packaging & Containers company?
A good Operating Income depends on the Packaging & Containers industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Associated Air-Pak Industries Bhd and its competitors. Associated Air-Pak Industries Bhd's current Operating Income is RM-0.74 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Associated Air-Pak Industries Bhd stock overvalued right now?
Associated Air-Pak Industries Bhd (XKLS:03067) has a current Operating Income of RM-0.74 Mil. The current Operating Income is RM-0.74 Mil. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Associated Air-Pak Industries Bhd (XKLS:03067), the current Operating Income is RM-0.74 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Associated Air-Pak Industries Bhd Business Description

Address 9, Persiaran Rishah 9, Kawasan Perindustrian Silibin, Perak Darul Ridzuan, Ipoh, PRK, MYS, 30100
Associated Air-Pak Industries Bhd is a manufacturer of Expanded Polyethylene Foam and Expanded Polystyrene Foam sheet. It provides range of packaging products such as Bubblepak, Expanded PE Foam, Polyethylene Films, Multi-laminated Structures, and Rolls/Sheets/Trays.