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Sarawak Plantation Q2 profit climbs YOY

Sarawak Plantation Bhd. said its normalized net income for the second quarter amounted to 2 Malaysian sen per share, a gain from 1 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 6.4 million ringgits, a gain from 3.0 million ringgits in the year-earlier period.

The normalized profit margin increased to 7.7% from 3.4% in the year-earlier period.

Total revenue declined 8.2% on an annual basis to 82.9 million ringgits from 90.3 million ringgits, and total operating expenses fell 15.7% on an annual basis to 72.3 million ringgits from 85.7 million ringgits.

Reported net income rose on an annual basis to 8.4 million ringgits, or 3 sen per share, from 4.1 million ringgits, or 1 sen per share.

As of Aug. 18, US$1 was equivalent to 4.29 ringgits.