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Far East Holdings Q3 profit climbs 7.7% YOY

Far East Holdings Bhd. said its third-quarter normalized net income amounted to 15 Malaysian sen per share, a gain of 7.7% from 14 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 21.7 million ringgits, a gain of 7.7% from 20.2 million ringgits in the prior-year period.

The normalized profit margin increased to 23.3% from 18.3% in the year-earlier period.

Total revenue declined 15.5% on an annual basis to 93.4 million ringgits from 110.6 million ringgits, and total operating expenses decreased 23.9% from the prior-year period to 64.0 million ringgits from 84.0 million ringgits.

Reported net income declined 21.4% year over year to 28.4 million ringgits, or 20 sen per share, from 36.1 million ringgits, or 26 sen per share.

As of Nov. 25, US$1 was equivalent to 4.21 ringgits.