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Cepatwawasan Group Q2 profit falls YOY

Cepatwawasan Group Bhd. said its normalized net income for the second quarter was 2.8 million ringgits, a decrease of 58.8% from 6.9 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 fell to 5.2% from 10.1% in the year-earlier period.

Total revenue declined 21.0% year over year to 54.0 million ringgits from 68.3 million ringgits, and total operating expenses declined 15.0% from the prior-year period to 49.2 million ringgits from 57.8 million ringgits.

Reported net income fell 60.5% year over year to 3.3 million ringgits, or 1 sen per share, from 8.3 million ringgits, or 3 sen per share.

As of July 29, US$1 was equivalent to 3.81 ringgits.