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First Resources Q2 profit falls YOY

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First Resources Q2 profit falls YOY

First Resources Ltd. said its normalized net income for the second quarter amounted to 1 cents per share, compared with the S&P Capital IQ consensus estimate of 1 cents per share.

EPS fell year over year from 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $21.2 million, a decrease from $21.9 million in the year-earlier period.

The normalized profit margin fell to 15.6% from 18.5% in the year-earlier period.

Total revenue rose 14.0% on an annual basis to $135.4 million from $118.8 million, and total operating expenses rose 24.5% on an annual basis to $95.5 million from $76.7 million.

Reported net income grew year over year to $26.1 million, or 2 cents per share, from $25.0 million, or 2 cents per share.