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Far East Holdings Q2 profit falls YOY

Far East Holdings Berhad said its second-quarter normalized net income came to 4 Malaysian sen per share, a decline of 35.2% from 6 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 5.6 million ringgits, a decrease of 35.2% from 8.7 million ringgits in the prior-year period.

The normalized profit margin dropped to 6.9% from 12.4% in the year-earlier period.

Total revenue rose 16.1% on an annual basis to 81.0 million ringgits from 69.7 million ringgits, and total operating expenses grew 20.6% year over year to 67.4 million ringgits from 55.9 million ringgits.

Reported net income fell 35.4% year over year to 7.6 million ringgits, or 5 sen per share, from 11.7 million ringgits, or 8 sen per share.

As of Aug. 10, US$1 was equivalent to 3.99 ringgits.