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Sime Darby profit misses consensus by 49.8% in fiscal Q1

Sime Darby said its normalized net income for the fiscal first quarter ended Sept. 30 came to 7 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 13 sen per share.

In the prior-year period, the per-share result came in at a profit of 7 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 395.9 million ringgits, an increase from 391.7 million ringgits in the prior-year period.

The normalized profit margin rose to 3.9% from 3.7% in the year-earlier period.

Total revenue fell on an annual basis to 10.12 billion ringgits from 10.58 billion ringgits, and total operating expenses fell 4.9% from the prior-year period to 9.37 billion ringgits from 9.85 billion ringgits.

Reported net income increased 10.0% on an annual basis to 500.6 million ringgits, or 8 sen per share, from 454.9 million ringgits, or 8 sen per share.

As of Nov. 28, US$1 was equivalent to 3.38 ringgits.