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Riverview Rubber Estates Q2 profit falls YOY

Riverview Rubber Estates Bhd. said its normalized net income for the second quarter came to 2 Malaysian sen per share, a decrease of 42.9% from 4 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 1.6 million ringgits, a decrease of 42.9% from 2.7 million ringgits in the year-earlier period.

The normalized profit margin declined to 21.0% from 29.2% in the year-earlier period.

Total revenue declined 20.5% year over year to 7.4 million ringgits from 9.3 million ringgits, and total operating expenses declined year over year to 5.1 million ringgits from 5.3 million ringgits.

Reported net income fell 46.5% from the prior-year period to 1.8 million ringgits, or 3 sen per share, from 3.4 million ringgits, or 5 sen per share.

As of Aug. 15, US$1 was equivalent to 4.00 ringgits.