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Oriental Food Industries fiscal Q3 profit falls YOY

Oriental Food Industries Holdings Bhd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 2 Malaysian sen per share, a decrease of 28.2% from 2 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 3.9 million ringgits, a decline of 28.2% from 5.4 million ringgits in the year-earlier period.

The normalized profit margin fell to 5.7% from 8.6% in the year-earlier period.

Total revenue climbed 8.7% year over year to 68.8 million ringgits from 63.3 million ringgits, and total operating expenses increased 14.5% year over year to 62.4 million ringgits from 54.5 million ringgits.

Reported net income decreased 25.8% from the prior-year period to 5.4 million ringgits, or 2 sen per share, from 7.3 million ringgits, or 3 sen per share.

As of Feb. 24, US$1 was equivalent to 4.24 ringgits.