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Hap Seng Plantations Q2 profit climbs 21.3% YOY

Hap Seng Plantations Holdings Bhd. said its normalized net income for the second quarter amounted to 2 Malaysian sen per share, an increase of 21.3% from 2 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.5 million ringgits, an increase of 21.3% from 14.4 million ringgits in the prior-year period.

The normalized profit margin increased to 15.8% from 14.7% in the year-earlier period.

Total revenue increased 12.8% year over year to 110.6 million ringgits from 98.1 million ringgits, and total operating expenses rose 10.1% year over year to 82.6 million ringgits from 75.0 million ringgits.

Reported net income increased 21.5% on an annual basis to 19.8 million ringgits, or 2 sen per share, from 16.3 million ringgits, or 2 sen per share.

As of Aug. 24, US$1 was equivalent to 4.04 ringgits.