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United Plantations Q3 profit climbs 24.6% YOY

United Plantations Bhd. said its third-quarter normalized net income came to 36 Malaysian sen per share, an increase of 24.6% from 29 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 74.7 million ringgits, an increase of 24.6% from 60.0 million ringgits in the prior-year period.

The normalized profit margin increased to 28.0% from 21.4% in the year-earlier period.

Total revenue fell on an annual basis to 267.2 million ringgits from 280.7 million ringgits, and total operating expenses fell 20.6% year over year to 151.6 million ringgits from 190.9 million ringgits.

Reported net income grew 23.1% year over year to 88.2 million ringgits, or 42 sen per share, from 71.7 million ringgits, or 35 sen per share.

As of Nov. 23, US$1 was equivalent to 4.28 ringgits.