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Negri Sembilan Oil Palms Q1 profit falls YOY

Negri Sembilan Oil Palms Berhad said its normalized net income for the first quarter amounted to 90,750 ringgits, a decline of 94.8% from 1.7 million ringgits in the year-earlier period.

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

The normalized profit margin declined to negative 0.3% from 8.4% in the year-earlier period.

Total revenue decreased 14.9% year over year to 17.8 million ringgits from 20.9 million ringgits, and total operating expenses climbed 8.0% from the prior-year period to 19.4 million ringgits from 18.0 million ringgits.

Reported net income fell 80.6% on an annual basis to 421,000 ringgits, or 1 sen per share, from 2.2 million ringgits, or 3 sen per share.

As of May 28, US$1 was equivalent to 3.65 ringgits.