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SYF Resources fiscal Q2 profit falls YOY

SYF Resources Bhd. said its normalized net income for the fiscal second quarter ended Jan. 31 was 2.0 million ringgits, a fall of 41.1% from 3.4 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 declined to 3.2% from 4.5% in the year-earlier period.

Total revenue declined 18.2% on an annual basis to 62.5 million ringgits from 76.4 million ringgits, and total operating expenses declined 17.2% year over year to 58.1 million ringgits from 70.1 million ringgits.

Reported net income declined 27.4% from the prior-year period to 3.2 million ringgits, or 1 sen per share, from 4.4 million ringgits, or 1 sen per share.

As of March 30, US$1 was equivalent to 3.71 ringgits.