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Federal Furniture Q2 profit falls YOY

Federal Furniture Holdings (M) Bhd. said its second-quarter normalized net income came to 889,630 ringgits, a decrease of 5.7% from 943,880 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 fell to 3.6% from 4.3% in the year-earlier period.

Total revenue rose 11.7% on an annual basis to 24.5 million ringgits from 21.9 million ringgits, and total operating expenses grew 13.2% on an annual basis to 22.9 million ringgits from 20.2 million ringgits.

Reported net income grew 14.9% from the prior-year period to 1.1 million ringgits, or 1 sen per share, from 920,000 ringgits, or 1 sen per share.

As of Aug. 26, US$1 was equivalent to 4.01 ringgits.