Borneo Oil Bhd. said its normalized net income for the fiscal second quarter ended July 31 was 1.8 million ringgits, a rise of 18.4% from 1.5 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 dropped to 3.5% from 7.9% in the year-earlier period.

Total revenue increased year over year to 51.2 million ringgits from 19.3 million ringgits, and total operating expenses rose from the prior-year period to 48.2 million ringgits from 16.7 million ringgits.

Reported net income rose 18.4% on an annual basis to 2.9 million ringgits, or 1 sen per share, from 2.4 million ringgits, or 1 sen per share.

As of Sept. 21, US$1 was equivalent to 4.26 ringgits.