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Hap Seng Plantations Q3 profit falls YOY

Hap Seng Plantations Holdings Bhd. said its normalized net income for the third quarter came to 2 Malaysian sen per share, a decrease of 6.3% from 3 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 18.8 million ringgits, a decrease of 6.3% from 20.1 million ringgits in the prior-year period.

The normalized profit margin increased to 18.3% from 16.3% in the year-earlier period.

Total revenue decreased 16.7% year over year to 102.8 million ringgits from 123.4 million ringgits, and total operating expenses decreased 20.4% from the prior-year period to 72.7 million ringgits from 91.3 million ringgits.

Reported net income decreased 7.9% year over year to 21.6 million ringgits, or 3 sen per share, from 23.5 million ringgits, or 3 sen per share.

As of Nov. 24, US$1 was equivalent to 4.22 ringgits.