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UMW Holdings Q2 profit falls YOY

UMW Holdings Berhad said its normalized net income for the second quarter was 2 Malaysian sen per share, a decrease of 69.8% 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 19.6 million ringgits, a decrease of 69.8% from 64.8 million ringgits in the year-earlier period.

The normalized profit margin declined to 1.2% from 1.9% in the year-earlier period.

Total revenue decreased 18.3% year over year to 2.85 billion ringgits from 3.49 billion ringgits, and total operating expenses fell 15.2% from the prior-year period to 2.81 billion ringgits from 3.31 billion ringgits.

Reported net income totaled a loss of 12.1 million ringgits, or a loss of 1 sen per share, compared to income of 68.4 million ringgits, or 6 sen per share, in the year-earlier period.

As of Aug. 29, US$1 was equivalent to 4.04 ringgits.