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Far East Holdings Q2 profit falls YOY

Far East Holdings Bhd. said its normalized net income for the second quarter came to 6 Malaysian sen per share, a decline of 47.0% from 12 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 8.7 million ringgits, a decrease of 47.0% from 16.4 million ringgits in the year-earlier period.

The normalized profit margin fell to 12.4% from 14.5% in the year-earlier period.

Total revenue decreased 38.3% on an annual basis to 69.7 million ringgits from 113.0 million ringgits, and total operating expenses fell 37.3% year over year to 55.9 million ringgits from 89.1 million ringgits.

Reported net income declined 44.8% from the prior-year period to 11.7 million ringgits, or 8 sen per share, from 21.2 million ringgits, or 15 sen per share.

As of Aug. 18, US$1 was equivalent to 4.07 ringgits.