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DRB-HICOM fiscal Q2 profit falls YOY

DRB-HICOM Bhd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 1 Malaysian sen per share, a decrease of 82.5% from 6 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 19.9 million ringgits, a decline of 82.5% from 113.2 million ringgits in the prior-year period.

The normalized profit margin fell to 2.5% from 3.1% in the year-earlier period.

Total revenue decreased 11.6% on an annual basis to 3.22 billion ringgits from 3.65 billion ringgits, and total operating expenses decreased 7.0% year over year to 3.14 billion ringgits from 3.38 billion ringgits.

Reported net income fell 32.5% from the prior-year period to 93.1 million ringgits, or 5 sen per share, from 138.0 million ringgits, or 7 sen per share.

As of Nov. 27, US$1 was equivalent to 3.35 ringgits.