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Innoprise Plantations Q1 profit climbs 6.4% YOY

Innoprise Plantations Bhd. said its normalized net income for the first quarter was 1.9 million ringgits, a rise of 6.4% from 1.7 million ringgits in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 7.4% from 8.5% in the year-earlier period.

Total revenue climbed 22.0% year over year to 24.9 million ringgits from 20.4 million ringgits, and total operating expenses rose 23.3% year over year to 20.8 million ringgits from 16.9 million ringgits.

Reported net income grew on an annual basis to 2.3 million ringgits, or 1 sen per share, from 2.2 million ringgits, or 1 sen per share.

As of May 24, US$1 was equivalent to 4.11 ringgits.