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Oriental Food Industries fiscal Q1 profit climbs 87.6% YOY

Oriental Food Industries Holdings Bhd. said its normalized net income for the fiscal first quarter ended June 30 was 2 Malaysian sen per share, a gain of 87.6% from 1 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.9 million ringgits, an increase of 87.6% from 2.6 million ringgits in the year-earlier period.

The normalized profit margin rose to 8.6% from 4.3% in the year-earlier period.

Total revenue declined 6.4% year over year to 56.7 million ringgits from 60.6 million ringgits, and total operating expenses fell 13.5% year over year to 48.7 million ringgits from 56.3 million ringgits.

Reported net income increased 87.9% from the prior-year period to 6.1 million ringgits, or 3 sen per share, from 3.2 million ringgits, or 1 sen per share.

As of Aug. 26, US$1 was equivalent to 4.25 ringgits.