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IOI Corp. Bhd. profit misses consensus by 83.3% in fiscal Q2

IOI Corp. Berhad said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 53.1 million ringgits, a fall of 82.1% from 297.4 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 declined to 1.9% from 10.1% in the year-earlier period.

Total revenue decreased year over year to 2.88 billion ringgits from 2.94 billion ringgits, and total operating expenses grew year over year to 2.48 billion ringgits from 2.43 billion ringgits.

Reported net income declined 94.6% year over year to 19.8 million ringgits, or 0 sen per share, from 366.5 million ringgits, or 6 sen per share.

As of Feb. 13, US$1 was equivalent to 3.56 ringgits.