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Chin Teck Plantations fiscal Q1 profit falls YOY

Chin Teck Plantations Bhd. said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, was 8 Malaysian sen per share, a decrease of 32.5% from 12 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 7.2 million ringgits, a decrease of 32.5% from 10.6 million ringgits in the prior-year period.

The normalized profit margin dropped to 25.9% from 30.5% in the year-earlier period.

Total revenue declined 20.6% on an annual basis to 27.7 million ringgits from 34.9 million ringgits, and total operating expenses totaled 19.9 million ringgits, compared with 19.8 million ringgits in the prior-year period.

Reported net income decreased 20.2% year over year to 10.6 million ringgits, or 12 sen per share, from 13.3 million ringgits, or 15 sen per share.

As of Jan. 28, US$1 was equivalent to 3.63 ringgits.