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Genting Plantations profit misses consensus by 48.3% in Q3

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Genting Plantations profit misses consensus by 48.3% in Q3

Genting Plantations Bhd. said its normalized net income for the third quarter came to 4 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 8 sen per share.

EPS fell 49.6% year over year from 8 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.0 million ringgits, a decrease of 49.6% from 65.5 million ringgits in the prior-year period.

The normalized profit margin declined to 10.3% from 17.7% in the year-earlier period.

Total revenue decreased 13.5% year over year to 320.4 million ringgits from 370.5 million ringgits, and total operating expenses declined 5.6% year over year to 251.8 million ringgits from 266.6 million ringgits.

Reported net income fell 45.7% from the prior-year period to 37.6 million ringgits, or 5 sen per share, from 69.3 million ringgits, or 9 sen per share.

As of Nov. 25, US$1 was equivalent to 4.21 ringgits.