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New Hoong Fatt Q2 profit climbs 17.9% YOY

New Hoong Fatt Holdings Bhd. said its normalized net income for the second quarter came to 6 Malaysian sen per share, an increase of 18.0% from 5 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 4.5 million ringgits, a gain of 17.9% from 3.8 million ringgits in the year-earlier period.

The normalized profit margin rose to 8.7% from 6.7% in the year-earlier period.

Total revenue declined 9.1% on an annual basis to 51.7 million ringgits from 56.8 million ringgits, and total operating expenses decreased 12.2% on an annual basis to 44.3 million ringgits from 50.4 million ringgits.

Reported net income declined 5.8% year over year to 5.2 million ringgits, or 7 sen per share, from 5.5 million ringgits, or 7 sen per share.

As of Aug. 11, US$1 was equivalent to 3.99 ringgits.