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Sarawak Oil Palms Q1 profit climbs YOY

Sarawak Oil Palms Berhad said its normalized net income for the first quarter was 5 Malaysian sen per share, an increase 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 20.8 million ringgits, a gain from 5.3 million ringgits in the year-earlier period.

The normalized profit margin rose to 2.0% from 0.8% in the year-earlier period.

Total revenue increased 64.2% on an annual basis to 1.04 billion ringgits from 630.9 million ringgits, and total operating expenses climbed 62.7% year over year to 996.4 million ringgits from 612.6 million ringgits.

Reported net income rose from the prior-year period to 25.1 million ringgits, or 6 sen per share, from 5.5 million ringgits, or 1 sen per share.

As of April 27, US$1 was equivalent to 3.93 ringgits.