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Sime Darby profit misses consensus by 52.9% in fiscal Q2

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Sime Darby profit misses consensus by 52.9% in fiscal Q2

Sime Darby said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 6 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 12 sen per share.

EPS fell 38.6% year over year from 9 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 343.0 million ringgits, a decrease of 38.1% from 554.5 million ringgits in the prior-year period.

The normalized profit margin dropped to 3.8% from 5.2% in the year-earlier period.

Total revenue totaled 10.74 billion ringgits, compared with 10.71 billion ringgits in the prior-year period, and total operating expenses rose year over year to 10.04 billion ringgits from 9.71 billion ringgits.

Reported net income fell 43.8% on an annual basis to 437.3 million ringgits, or 7 sen per share, from 778.5 million ringgits, or 13 sen per share.

As of Feb. 26, US$1 was equivalent to 3.60 ringgits.