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Innoprise Plantations Q2 profit climbs YOY

Innoprise Plantations Bhd. said its second-quarter normalized net income was 1 Malaysian sen per share, a decline of 16.0% from 2 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 6.4 million ringgits, a gain from 6.1 million ringgits in the year-earlier period.

The normalized profit margin declined to 18.2% from 19.6% in the year-earlier period.

Total revenue increased 12.2% year over year to 35.0 million ringgits from 31.2 million ringgits, and total operating expenses climbed 16.8% on an annual basis to 23.7 million ringgits from 20.3 million ringgits.

Reported net income grew 5.5% on an annual basis to 8.0 million ringgits, or 2 sen per share, from 7.5 million ringgits, or 2 sen per share.

As of Aug. 23, US$1 was equivalent to 4.02 ringgits.