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SEG International Q2 profit falls YOY

SEG International Bhd. said its second-quarter normalized net income amounted to 2.3 million ringgits, a decline of 59.0% from 5.6 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 3.5% from 8.6% in the year-earlier period.

Total revenue totaled 64.7 million ringgits, compared with 65.1 million ringgits in the prior-year period, and total operating expenses rose 10.1% year over year to 64.1 million ringgits from 58.3 million ringgits.

Reported net income decreased 60.7% on an annual basis to 3.2 million ringgits, or 0 sen per share, from 8.2 million ringgits, or 1 sen per share.

As of Aug. 29, US$1 was equivalent to 4.04 ringgits.