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Riverview Rubber Estates Q1 profit falls YOY

Riverview Rubber Estates Bhd. said its first-quarter normalized net income was 2 Malaysian sen per share, a decline of 40.8% from 3 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.2 million ringgits, a decline of 40.8% from 2.1 million ringgits in the prior-year period.

The normalized profit margin declined to 18.8% from 25.1% in the year-earlier period.

Total revenue declined 21.0% year over year to 6.5 million ringgits from 8.2 million ringgits, and total operating expenses decreased from the prior-year period to 4.7 million ringgits from 4.8 million ringgits.

Reported net income fell 44.5% on an annual basis to 1.5 million ringgits, or 2 sen per share, from 2.7 million ringgits, or 4 sen per share.

As of April 28, US$1 was equivalent to 3.54 ringgits.