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IJM Plantations fiscal Q1 profit climbs YOY

IJM Plantations Bhd. said its normalized net income for the fiscal first quarter ended June 30 came to 22.1 million ringgits, a rise from 2.5 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 increased to 12.4% from 1.9% in the year-earlier period.

Total revenue grew 32.2% year over year to 177.8 million ringgits from 134.5 million ringgits, and total operating expenses rose on an annual basis to 135.1 million ringgits from 130.2 million ringgits.

Reported net income grew year over year to 26.1 million ringgits, or 3 sen per share, from 2.9 million ringgits, or 0 sen per share.

As of Aug. 26, US$1 was equivalent to 3.16 ringgits.