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EastLand Equity Q2 profit falls YOY

EastLand Equity Bhd said its second-quarter normalized net income came to 962,470 ringgits, a decrease of 18.4% from 1.2 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 dropped to 10.3% from 12.0% in the year-earlier period.

Total revenue declined 5.4% year over year to 9.3 million ringgits from 9.8 million ringgits, and total operating expenses fell on an annual basis to 7.8 million ringgits from 7.9 million ringgits.

Reported net income increased 97.8% on an annual basis to 1.2 million ringgits, or 1 sen per share, from 626,850 ringgits, or 0 sen per share.

As of July 23, US$1 was equivalent to 3.82 ringgits.