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Hai-O Enterprise fiscal Q2 profit falls YOY

Hai-O Enterprise Bhd. said its normalized net income for the fiscal second quarter ended Oct. 31 amounted to 2 Malaysian sen per share, a decrease of 34.3% from 3 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.8 million ringgits, a decrease of 34.6% from 8.8 million ringgits in the prior-year period.

The normalized profit margin declined to 10.0% from 13.4% in the year-earlier period.

Total revenue declined 12.0% on an annual basis to 57.7 million ringgits from 65.6 million ringgits, and total operating expenses fell 5.4% from the prior-year period to 48.2 million ringgits from 51.0 million ringgits.

Reported net income decreased 32.0% year over year to 7.2 million ringgits, or 2 sen per share, from 10.5 million ringgits, or 4 sen per share.

As of Dec. 16, US$1 was equivalent to 3.50 ringgits.