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Far East Holdings Q1 profit falls YOY

Far East Holdings Berhad said its first-quarter normalized net income amounted to 4 Malaysian sen per share, a decrease of 11.5% from 5 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 6.2 million ringgits, a decrease of 11.5% from 7.0 million ringgits in the prior-year period.

The normalized profit margin rose to 10.1% from 9.7% in the year-earlier period.

Total revenue declined 14.3% year over year to 61.4 million ringgits from 71.7 million ringgits, and total operating expenses declined 16.7% on an annual basis to 53.0 million ringgits from 63.6 million ringgits.

Reported net income declined 8.2% year over year to 8.4 million ringgits, or 6 sen per share, from 9.1 million ringgits, or 6 sen per share.

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