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MHC Plantations Q1 profit falls YOY

MHC Plantations Bhd. said its normalized net income for the first quarter amounted to 758,000 ringgits, a fall of 78.0% from 3.4 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 1.3% from 4.6% in the year-earlier period.

Total revenue decreased 19.1% year over year to 60.2 million ringgits from 74.5 million ringgits, and total operating expenses fell 13.9% from the prior-year period to 54.2 million ringgits from 63.0 million ringgits.

Reported net income fell 69.1% year over year to 1.5 million ringgits, or 1 sen per share, from 4.8 million ringgits, or 2 sen per share.

As of May 7, US$1 was equivalent to 3.60 ringgits.