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Oversea Enterprise fiscal Q2 profit falls YOY

Oversea Enterprise Bhd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 1.1 million ringgits, a decline of 27.3% from 1.5 million ringgits in the prior-year period.

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

The normalized profit margin declined to 5.6% from 7.1% in the year-earlier period.

Total revenue fell 7.1% on an annual basis to 19.1 million ringgits from 20.6 million ringgits, and total operating expenses decreased from the prior-year period to 17.3 million ringgits from 18.1 million ringgits.

Reported net income declined 25.0% on an annual basis to 1.6 million ringgits, or 1 sen per share, from 2.1 million ringgits, or 1 sen per share.

As of Nov. 23, US$1 was equivalent to 4.28 ringgits.