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Oversea Enterprise fiscal Q4 profit falls YOY

Oversea Enterprise Bhd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 811,650 ringgits, a decrease of 35.7% from 1.3 million ringgits in the year-earlier period.

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

The normalized profit margin dropped to 4.7% from 6.7% in the year-earlier period.

Total revenue declined 8.7% on an annual basis to 17.2 million ringgits from 18.9 million ringgits, and total operating expenses declined 5.6% year over year to 20.8 million ringgits from 22.0 million ringgits.

Reported net income fell 35.7% year over year to 731,390 ringgits, or 0 sen per share, from 1.1 million ringgits, or 0 sen per share.

For the year, the company's normalized net income totaled 1.1 million ringgits, a decline of 66.0% from 3.3 million ringgits in the prior year.

Full-year total revenue declined from the prior-year period to 62.4 million ringgits from 65.5 million ringgits, and total operating expenses came to 65.1 million ringgits, compared with 65.3 million ringgits in the prior-year period.

The company said reported net income declined 82.9% year over year to 592,390 ringgits, or 0 sen per share, in the full year, from 3.5 million ringgits, or 1 sen per share.

As of July 30, US$1 was equivalent to 3.82 ringgits.