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Boustead Plantations Q2 profit falls YOY

Boustead Plantations Bhd. said its normalized net income for the second quarter amounted to 10.5 million ringgits, a decline of 17.2% from 12.7 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 increased to 6.8% from 6.7% in the year-earlier period.

Total revenue declined 18.7% on an annual basis to 153.4 million ringgits from 188.7 million ringgits, and total operating expenses declined 12.2% year over year to 134.5 million ringgits from 153.2 million ringgits.

Reported net income grew from the prior-year period to 48.6 million ringgits, or 3 sen per share, from 9.4 million ringgits, or 1 sen per share.

As of Aug. 20, US$1 was equivalent to 4.12 ringgits.