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Sarawak Plantation Q3 profit climbs 56.0% YOY

Sarawak Plantation Bhd. said its third-quarter normalized net income was 2 Malaysian sen per share, an increase of 55.7% from 2 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 6.6 million ringgits, a gain of 56.0% from 4.2 million ringgits in the prior-year period.

The normalized profit margin climbed to 5.5% from 5.0% in the year-earlier period.

Total revenue increased 42.7% year over year to 120.6 million ringgits from 84.5 million ringgits, and total operating expenses increased 39.4% on an annual basis to 109.3 million ringgits from 78.4 million ringgits.

Reported net income increased 88.4% year over year to 12.3 million ringgits, or 4 sen per share, from 6.5 million ringgits, or 2 sen per share.

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