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Oversea Enterprise fiscal Q2 profit falls YOY

Oversea Enterprise Bhd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 1.5 million ringgits, a decrease of 23.7% from 1.9 million ringgits in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 7.1% from 9.1% in the year-earlier period.

Total revenue fell year over year to 20.6 million ringgits from 21.1 million ringgits, and total operating expenses came to 18.1 million ringgits, compared with 18.0 million ringgits in the prior-year period.

Reported net income declined 23.4% on an annual basis to 2.1 million ringgits, or 1 sen per share, from 2.8 million ringgits, or 1 sen per share.

As of Nov. 18, US$1 was equivalent to 3.35 ringgits.