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Kuala Lumpur Kepong profit misses consensus by 35.3% in fiscal Q3

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Kuala Lumpur Kepong profit misses consensus by 35.3% in fiscal Q3

Kuala Lumpur Kepong Berhad said its normalized net income for the fiscal third quarter ended June 30 amounted to 17 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 27 sen per share.

In the prior-year period, the per-share result came in at a profit of 18 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 186.1 million ringgits, compared with 187.2 million ringgits in the year-earlier period.

The normalized profit margin dropped to 4.7% from 5.3% in the year-earlier period.

Total revenue grew 10.9% on an annual basis to 3.92 billion ringgits from 3.54 billion ringgits, and total operating expenses rose 11.3% on an annual basis to 3.57 billion ringgits from 3.21 billion ringgits.

Reported net income increased from the prior-year period to 253.4 million ringgits, or 24 sen per share, from 246.9 million ringgits, or 23 sen per share.

As of Aug. 17, US$1 was equivalent to 4.01 ringgits.