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Far East Holdings Q3 profit climbs YOY

Far East Holdings Berhad said its third-quarter normalized net income amounted to 34 Malaysian sen per share, an increase from 15 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 47.5 million ringgits, a gain from 21.7 million ringgits in the prior-year period.

The normalized profit margin rose to 47.7% from 23.3% in the year-earlier period.

Total revenue grew 6.8% year over year to 99.7 million ringgits from 93.4 million ringgits, and total operating expenses increased 6.3% on an annual basis to 68.0 million ringgits from 64.0 million ringgits.

Reported net income rose year over year to 69.4 million ringgits, or 49 sen per share, from 28.4 million ringgits, or 20 sen per share.

As of Nov. 17, US$1 was equivalent to 4.38 ringgits.