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Oriental Food Industries fiscal Q2 profit falls YOY

Oriental Food Industries Holdings Bhd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 1 Malaysian sen per share, a decrease of 7.2% from 1 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 3.1 million ringgits, a decline of 7.3% from 3.3 million ringgits in the prior-year period.

The normalized profit margin dropped to 5.7% from 5.9% in the year-earlier period.

Total revenue declined year over year to 54.3 million ringgits from 56.1 million ringgits, and total operating expenses decreased on an annual basis to 49.3 million ringgits from 50.8 million ringgits.

Reported net income came to 4.1 million ringgits, or 2 sen per share, compared to 4.1 million ringgits, or 2 sen per share, in the year-earlier period.

As of Nov. 26, US$1 was equivalent to 3.35 ringgits.