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Prestariang Q2 profit falls YOY

Prestariang Bhd. said its second-quarter normalized net income amounted to 3.2 million ringgits, a fall of 27.7% from 4.4 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 9.1% from 15.2% in the year-earlier period.

Total revenue climbed 20.5% year over year to 35.0 million ringgits from 29.0 million ringgits, and total operating expenses climbed 37.4% year over year to 30.7 million ringgits from 22.3 million ringgits.

Reported net income decreased 27.7% on an annual basis to 5.1 million ringgits, or 1 sen per share, from 7.0 million ringgits, or 2 sen per share.

As of Aug. 20, US$1 was equivalent to 4.12 ringgits.