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Sin Heng Chan (Malaya) swings to profit in Q2

Sin Heng Chan (Malaya) Berhad said its normalized net income for the second quarter came to 2 Malaysian sen per share, compared with a loss of 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 2.4 million ringgits, compared with a loss of 1.2 million ringgits in the prior-year period.

The normalized profit margin climbed to 80.4% from negative 32.6% in the year-earlier period.

Total revenue decreased 21.0% on an annual basis to 2.9 million ringgits from 3.7 million ringgits, and total operating expenses declined 26.4% year over year to 3.6 million ringgits from 4.9 million ringgits.

Reported net income came to 3.8 million ringgits, or 3 sen per share, compared to a loss of 1.9 million ringgits, or a loss of 2 sen per share, in the year-earlier period.

As of Aug. 30, US$1 was equivalent to 4.07 ringgits.