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Kawan Food Q2 profit climbs 20.3% YOY

Kawan Food Bhd. said its normalized net income for the second quarter amounted to 2 Malaysian sen per share, an increase of 12.7% 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 7.6 million ringgits, a gain of 20.3% from 6.3 million ringgits in the year-earlier period.

The normalized profit margin dropped to 13.7% from 14.3% in the year-earlier period.

Total revenue increased 25.3% year over year to 55.5 million ringgits from 44.3 million ringgits, and total operating expenses rose 25.0% on an annual basis to 43.7 million ringgits from 34.9 million ringgits.

Reported net income grew 26.1% on an annual basis to 9.2 million ringgits, or 3 sen per share, from 7.3 million ringgits, or 2 sen per share.

As of Aug. 24, US$1 was equivalent to 4.04 ringgits.