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Sarawak Oil Palms Q1 profit falls YOY

Sarawak Oil Palms Bhd. said its first-quarter normalized net income amounted to 1 Malaysian sen per share, a decrease of 81.3% from 6 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 5.3 million ringgits, a decline of 81.3% from 28.3 million ringgits in the year-earlier period.

The normalized profit margin declined to 0.8% from 5.2% in the year-earlier period.

Total revenue climbed 15.4% year over year to 630.9 million ringgits from 546.6 million ringgits, and total operating expenses rose 25.7% on an annual basis to 612.6 million ringgits from 487.5 million ringgits.

Reported net income decreased 83.8% year over year to 5.5 million ringgits, or 1 sen per share, from 33.7 million ringgits, or 8 sen per share.

As of May 15, US$1 was equivalent to 3.56 ringgits.