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Riverview Rubber Estates Q1 profit falls YOY

Riverview Rubber Estates Bhd. said its first-quarter normalized net income came to 1 Malaysian sen per share, a decline of 36.9% from 2 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 765,380 ringgits, a decrease of 37.1% from 1.2 million ringgits in the prior-year period.

The normalized profit margin fell to 11.1% from 18.8% in the year-earlier period.

Total revenue climbed 6.8% on an annual basis to 6.9 million ringgits from 6.5 million ringgits, and total operating expenses climbed 19.7% on an annual basis to 5.6 million ringgits from 4.7 million ringgits.

Reported net income decreased 39.1% from the prior-year period to 899,000 ringgits, or 1 sen per share, from 1.5 million ringgits, or 2 sen per share.

As of April 22, US$1 was equivalent to 3.90 ringgits.