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Jaycorp fiscal Q2 profit falls YOY

Jaycorp Bhd. said its normalized net income for the fiscal second quarter ended Jan. 31 amounted to 1.3 million ringgits, a decline of 38.3% from 2.1 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 2.4% from 3.3% in the year-earlier period.

Total revenue fell 14.3% on an annual basis to 54.7 million ringgits from 63.9 million ringgits, and total operating expenses declined 11.7% on an annual basis to 53.0 million ringgits from 60.0 million ringgits.

Reported net income decreased 59.7% on an annual basis to 1.0 million ringgits, or 1 sen per share, from 2.5 million ringgits, or 2 sen per share.

As of March 27, US$1 was equivalent to 3.68 ringgits.