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New Hoong Fatt Q2 profit climbs 37.7% YOY

New Hoong Fatt Holdings Bhd. said its normalized net income for the second quarter came to 8 Malaysian sen per share, a gain of 37.7% from 6 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 6.2 million ringgits, a gain of 37.7% from 4.5 million ringgits in the year-earlier period.

The normalized profit margin climbed to 10.3% from 8.7% in the year-earlier period.

Total revenue increased 16.1% year over year to 60.0 million ringgits from 51.7 million ringgits, and total operating expenses increased 12.4% on an annual basis to 49.7 million ringgits from 44.3 million ringgits.

Reported net income increased 67.0% year over year to 8.6 million ringgits, or 11 sen per share, from 5.2 million ringgits, or 7 sen per share.

As of July 29, US$1 was equivalent to 4.03 ringgits.