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Rimbunan Sawit swings to profit in Q3

Rimbunan Sawit Bhd. said its third-quarter normalized net income amounted to 1.8 million ringgits, compared with a loss of 3.6 million 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 rose to 2.6% from negative 6.9% in the year-earlier period.

Total revenue grew 42.5% on an annual basis to 74.4 million ringgits from 52.2 million ringgits, and total operating expenses climbed 22.7% year over year to 69.1 million ringgits from 56.3 million ringgits.

Reported net income totaled 2.2 million ringgits, or 0 sen per share, compared to a loss of 4.9 million ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of Nov. 24, US$1 was equivalent to 4.40 ringgits.