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Golden Land fiscal Q2 profit falls YOY

Golden Land Bhd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 2 Malaysian sen per share, a decrease of 17.7% 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 3.4 million ringgits, a decline of 17.6% from 4.1 million ringgits in the prior-year period.

The normalized profit margin fell to negative 41.4% from 8.4% in the year-earlier period.

Total revenue declined 16.5% year over year to 41.1 million ringgits from 49.2 million ringgits, and total operating expenses decreased 17.1% on an annual basis to 34.1 million ringgits from 41.1 million ringgits.

Reported net income decreased 15.7% from the prior-year period to 3.5 million ringgits, or 2 sen per share, from 4.2 million ringgits, or 2 sen per share.

As of Feb. 25, US$1 was equivalent to 3.60 ringgits.